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ACCRA, May 30 (Reuters) - Ghana named Standard Chartered Plc, Barclays Plc and Deutsche Bank astransaction advisers for its 2014 Eurobond of up to $1.5billion, the finance ministry said on Friday.
No date was set for the Eurobond but Friday's announcementconfirms that government has decided to return to the bondmarket having put its plans on hold.
"Although the transaction team is expected to start workimmediately on the preparatory activities, government willcontinue to monitor the market for a suitable execution window,"deputy finance minister Cassiel Ato Forson said in a statement.
Parliament has approved a $1 billion Eurobond in 2014 forcapital expenditure, counterpart funding for financing pipelineprojects and refinancing domestic and external debt, with theoption of issuing an additional $500 million for refinancingexisting debt.
Ghana produces oil, cocoa and gold and is one of Africa'sfastest-growing economies but it is wrestling with a high budgetdeficit, inflation and a sharply depreciating currency.
That initially caused the government to delay plans to seeka Eurobond given the elevated yields the country was likely topay. Economists now say it should still tap foreign markets. (Reporting by Kwasi Kpodo; Writing by Matthew Mpoke Bigg;Editing by Louise Ireland)