In line with Goal 4 of the Sustainable Development Goals, Ghana’s Daakye bond program securitizes an education-dedicated value-added tax levy to raise funding to both refinance previous debt obligations and accelerate the build-out of classrooms to meet national education policy priorities. Through June 2021, with both 7-year and 10-year bond issuances, the Daakye program has raised almost GHS 2 billion (or roughly US$330 million) out of a GHS 5.5 billion program. This Milken Institute workshop explored how the securitization was designed—and included a discussion of Ghana’s earlier ESLA model on which it is based—and also highlighted the securitization's structure, the stakeholders involved, the impact to-date, and potential lessons that other countries might apply when developing similar structures.

Speakers

Jacob Aidoo
Head of Issuers Department, SEC Ghana

Armah I.J. Akotey
Head, Databank Brokerage Limited, and Daakye Lead Manager

Nii Ampa-Sowa
Associate Director, Databank Asset Management Services

Isaac Boamah
Chief Investment Officer, IC Asset Managers

Frederick Dennis
Partner, KPMG-Ghana, and Daakye Independent Administrator

Moderator

John Schellhase
Director, Center for Financial Markets, Milken Institute