Ghana has been named the 2020 “Most Impressive African Issuer” at the GlobalCapital Bond Awards in London.
The country beat Morocco and the African Finance Corporation (AFC) to second and third places, respectively.
In February this year, Ghana issued a US$3 billion Eurobond which was five times oversubscribed with a record maturity.
Charles Adu Boahen, deputy finance minister, was also named the second “Most Impressive African Funding Official” at the event. He placed second to Abdelhakim Jouahri of Morocco, while Benji Fehintola of the Africa Finance Corporation placed third.
Adu Boahen has over 19 years’ experience in finance, specifically corporate finance, investment banking, asset management, private equity and real estate.
He was the chief executive of Black Star Advisors (BSA), a boutique investment bank and asset management firm, and Primrose Properties Ghana (PPG), a real-estate development company, both of which he founded in 2007.
Adu Boahen has been at the forefront of Ghana’s Agyapa Royalties deal – an investment agreement between the Government of Ghana and the Minerals Income Investment Fund, Agyapa Royalties Ltd and ARG Royalties Ltd which centres around transactions to monetise gold royalties, entered into under the Minerals Income Investment Fund Act 2018 (Act 978).
The target is for the arrangement to make immediately available US$500 million, once executed, with another US$500 million to follow.
Superior skillset
Adu Boahen’s recognition by the GlobalCapital Bond Awards comes on the back of comments about the Agyapa deal, by Ken Ofori-Atta, to the effect that the current leaders at the Finance Ministry have superior knowledge of the capital markets and will execute the Agyapa deal in a manner that will deliver value for Ghanaians.
“The skillset that the president has put at the Ministry of Finance is evidenced in how we were able to secure US$2.2 billion when we came and there were no resources to help stabilise the economy,” the Finance Minister said.
“I think I have been in the capital market business since 1984, when I finished college, and my deputy Charles Adu Boahen has also been in the capital market business. So it is a point in time that our leader has knowledge about,” Ofori-Atta said.
Other winners
The Best Rating Agency for Corporate Bonds went to S&P Global Ratings with Moody’s and Fitch placing second and third respectively.
Standard Bank also won the “Most Impressive Local Bank for African Bonds”, followed by Absa and First Rand.
The awards
The Bond Awards is organised in May every year, following a market poll that takes place in the first quarter.
The GlobalCapital Bond Awards recognise achievement in all the main segments of the international bond markets through a poll of market participants.
It truly reflects the opinion of the market. The awards thus perform a valuable function, enabling the market to reflect on what worked in the past year and what did not, celebrating the most impressive performers.
The basis of the poll is that issuers vote for the best investment banks, while banks vote for issuers. Other market participants such as investors, law firms and rating agencies can also vote for and receive awards.
The awards cover supranational, sovereign and agency; financial institution; investment-grade corporate; and emerging market bonds.
For the first time in 12 years, the winners were announced at a virtual ceremony in September rather than a London awards dinner in May.
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