March 23, 2018 / 3:43 PM / in 10 months

UPDATE 1-Ghana parliament approves plan to issue $1 bln Eurobond

* Commodity exporter aims at issuing 15-30 year maturities

* Country in final year of $918 mln IMF credit deal (Adds quotes, context)

ACCRA, March 23 (Reuters) - Ghana’s parliament on Friday unanimously approved plans by the government to issue a Eurobond of $1 billion by the end of April to finance the 2018 budget, a Reuters witness said.

The 275-member house also okayed plans to issue additional sovereign debts of up to $1.5 billion for refinancing and 500 million cedis ($123 million) worth of global depositary notes to repay domestic bonds.

Depending on market conditions, maturity of the sovereign debts will range between 15 and 30 years, Finance Committee chairman Mark Assibey-Yeboah said in a report recommending the approval ahead of the vote.

Ghana - a producer of oil, gold and cocoa - is in its final year of a $918 million credit programme with the International Monetary Fund to decrease deficits, inflation and a debt load which hit 69 percent of gross domestic product last year.

Finance Minister Ken Ofori-Atta told the lawmakers that the government would use the loans prudently.

“We are borrowing for a purpose and we remain committed to protecting the public purse,” he said to allay fears by the opposition bench that the loans could be misapplied.

Ghana has issued five previous Eurobonds, most recently $750 million bond in September 2016 at yield of 9.25 pct

$1=4.4060 Reporting by Kwasi Kpodo; Editing by Tim Cocks and Toby Chopra

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