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:Â 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...
Country Senior Partner at PricewaterhouseCoopers (PwC) Ghana, Vish Ashiagbor, has called on government to maintain its resolve on the implementation of the expenditure cuts identified, as well as revenue measures that have been approved as part of the 2022 Budget.
In its 2022 budget statement, government committed to fast-paced fiscal...
The lingering exposure of the Ghanaian economy to foreign portfolio outflows remains a high risk, as a result of the sizeable outstanding holdings of non-residents in domestic bonds.
Notwithstanding the sharp decline in forex reserves in the first 4-months of the year, the non-resident holdings in domestic bonds remain elevated...
The IMF said it expects global growth to slow to 3.2% this year as the disruption to food and fuel supplies caused by Russia’s war in Ukraine weighs on the economic outlook around the world. “Low-income countries whose people were already experiencing acute malnutrition and excess mortality before the...
