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Ghana shelves bond plan on market conditions
By Carolyn Cohn and Peter Apps, Fri 26 Sep 2008, 5:57 GMT
LONDON (Reuters) - Ghana has postponed plans for a $300
million debt issue due to poor global market conditions, one
of the banks arranging the deal said on Thursday.
Touted as one of Africa's most appealing "frontier markets"
on gold, cocoa and upcoming oil production, Ghana's stock
market has continued to hit record highs despite recent
global turmoil following the collapse of U.S. bank Lehman
Brothers.
But with Eurobond issues drying up due to persistent
liquidity problems in the global financial markets,
Renaissance Capital, mandated along with JPMorgan to launch
the deal, said the debt issue was unlikely to happen this
year......
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