GHANA hopes to raise up to $750m through an initial public listing in London of a fund that will hold the country’s shares in mining companies, said Bloomberg News citing the West African country’s finance minister, Ken Ofori-Atta.
Proceeds from the listing will be used to speed development in the country which is Africa’s largest gold producer after South Africa. Ghana is also raising crude oil output to about 200,000 barrels per day from oil fields operated by Tullow and Eni, said Bloomberg News.
In September, lawmakers passed legislation for the creation of the fund that will look to securitize future revenue from royalties to support Ghana’s developmental needs, Ofori-Atta said in a presentation of his budget proposals for 2019 in parliament.
The fund will set up a special purpose vehicle and conduct an initial public offering through a dual-listing on the London Stock Exchange and the local bourse, he said.
