Ghana Gets $1 Billion Pledge From Banks to Spur Finances

(Bloomberg) -- International banks have pledged to lend Ghana $1 billion for budget purposes and to boost central bank reserves as the country seeks to cut its fiscal deficit and stabilize the currency. The West African nation raised $750 million through syndicated loans with the participation of about eight African and European banks and $250 million from multilateral lenders, according to two people familiar with the transaction, who didn’t want to be identified because the deal is not yet public. Standard Bank Group Ltd., Standard Chartered Plc and Rand Merchant Bank Ltd. led the arrangements. The transaction is the first…