It has been over a decade since the idea of having a common currency for the countries in the Economic Community of West African States (ECOWAS) was first proposed. The idea was that such a currency would have the following advantages: the benefits of economies of scale, free movement...
The International Monetary Fund (IMF) was established to ensure global economic stability. This is done by providing financial assistance to countries facing economic difficulties. In recent years, the IMF has been involved in providing bailouts to several African countries that are struggling with their economies. The IMF bailout comes with...
Non-verbal cues will play a muted, albeit pivotal, role in the state's continued deliberations with the International Monetary Fund (IMF), Professor Douglas Boateng has intimated. While conceding that much of the engagements will be data-driven, Prof. Boateng contends that the body-language of Ghana’s negotiating team during the interactions will also...
Fitch Ratings has further downgraded Ghana's long-term foreign-currency (LTFC) issuer default rating (IDR) to 'CCC' from 'B-'. The downgrade comes on the back of increasing possibility of debt restructuring, uncertainty surrounding the pending IMF programme, tight external debt servicing schedule, as well as the uncertain pace of fiscal consolidation and high...
Fitch Ratings has downgraded Ghana's Long-Term Foreign-Currency (LTFC) Issuer Default Rating (IDR) to 'CCC' from 'B-'. Fitch typically does not assign Outlooks to sovereigns with a rating of 'CCC+' or below. A full list of rating actions is below. KEY RATING DRIVERS Increasing Possibility of Debt Restructuring: The downgrade reflects deterioration of Ghana's public...
The latest downgrade of Ghana’s foreign and local currency credit ratings by Standard and Poor’s (S&P) Global Ratings - from 'B-/B' to 'CCC+/C' with a negative outlook - could intensify pressure on the local currency through further sell-offs by foreign investors. The Ghanaian economy remains at high risk, as it...
After months of comparatively lower uptake of Treasury securities by investors, stifling its ability to cover up its maturing debts, there is a build-up of cash buffers, following the seventh successive week of excess uptake of bids from the market. Results from the last auction two weeks ago showed that...
Prospect of $50 billion relief for African debt markets Amidst rising US interest rates, geopolitical tensions and global recession concerns, the rush to haven assets is causing havoc for many African economies. Rapid currency depreciation, high inflation and rising debt levels risk becoming vicious cycle as investors demand a higher...
Director of the Institute of Statistical Social and Economic Research (ISSER) at the University of Ghana, Professor Peter Quartey, has urged government to ensure engagement with the International Monetary Fund (IMF) are formulated around home-grown policies on agriculture and industrial transformation that will make the economy robust. Speaking to journalists...
Government aims to improve the financial capability levels of Ghanaians, and subsequently improve Ghana’s financial inclusion levels from the current 58 percent to 85 percent by end 2024, Director, Financial Services Division (FSD), Ministry of Finance, Sampson Akligoh, has said. According to him, this is an ambitious target, as such...