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    Ghana’s public debt stock hits ¢575.7bn in November 2022; more than 90% of GDP – BoG

    Govt strikes deal with Insurance Association on debt exchange programme

    We must invest in crucial infrastructure to accelerate AfCFTA’s success– Bawumia to African Leaders

    NCCE Chairperson pays courtesy call on BoG Governor

    Feed Africa Summit: African Development Bank to commit $10bn to make continent breadbasket of the world

    Accra never sleeps, neither does The Cosmopolitan …The Cosmopolitan now runs 24/7 [ARTICLE]

    Tax on agro inputs a threat to agribusiness and food security – Analysts

    Completely exempt individuals from DDEP over GAB agreement – Senyo Hosi to govt

    Assin State College receives Dano “Inner Strength” Award

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    Government and Association of Banks reach agreement on DDEP

    DDE: Banks secure 5% coupon for 2023; other revisions

    Cocoa bill payment; BoG, COCOBOD others agree to roll over maturing investments

    AfriCatalyst to host conference on use of Special Drawing Rights to accelerate economic transformation

    Banks seek shorter maturities in local debt-swap deal

    Zenith Bank ceases trustee services in unit trust schemes in Ghana

    Gold for oil policy will reduce pressure on forex – Bawumia

    Ghana best place for business – Nana Addo woos UAE investors

    Registrar of Companies increases fee for business registration

  • TECHNOLOGY

    MTN to fight $773m tax bill from government

    Telcos to implement 1% E-Levy charge from today

    Huawei Equips 500 Traders in FinTech

    Africans urged to bolster adoption of Bitcoins

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Meta considered building a Twitter competitor to capitalize on Elon Musk’s ‘crisis’ at company

    E-commerce in Ghana – statistics & facts

    Telcos ready to begin deactivating unregistered SIMs – Chamber of Telecommunications

    Malagasy delegation completes tour of Ghanaian Fintechs and MFIs

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    Feed Africa Summit: African Development Bank to commit $10bn to make continent breadbasket of the world

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    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Nigeria set to stop importation of refined oil and refine its own oil by 2023

    EIU analysts forecast grim economic outlook for Africa in 2023

    AUDA-NEPAD holds workshop for Youth and Media on AU Year of Nutrition

    Agribusiness entrepreneurs must take advantage of AfCFTA – ADB MD.

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US Fed raises interest rates by 0.25 %

bycitibusinessnews
December 16, 2015
in Banking And Finance, Business, Top Stories
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US Federal Reserve raises interest rates by 0.25%, a move with potential global repercussions.

[contextly_sidebar id=”KsFxJrSjnYW8TIMYACuGX4EXzRZ53WqC”]The move takes the range of rates banks offer to lend to each other overnight – the Federal Funds rate – to between 0.25% and 0.5%.

The US central bank also raised its projection for economic growth next year slightly, from 2.3% to 2.4%.

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That suggests the bank does not think the rate increase will damage growth. US share markets jumped in response.

Here in Ghana there are fears the cedi is likely to depreciate further against the dollar in the coming days following the increase.

According to Economist Dr Ebo Turkson increasing the Fed rates will see the cedi struggling against the dollar and believes foreign exchange inflows from a likely Eurobond issue early next year may save the cedi from this development.

Dr. Ebo Turkson fears the Eurobond may attract at least a 11 percent interest if the US Federal reserve increases its rates and Ghana goes ahead to issue early next year.

“We paid 10.75 the last time we are going to probably with a higher rate especially given the fact that by that time the US Fed rate has been increased and if it does and the UK also somewhere in February then it means that we need to entice investors with a higher yield for them to decide not to send their monies to the US or UK but to give that money to you so that is the challenge that we will be facing… the way government is desperate for the money, the investors will also want to see if they will get a higher rate which will definitely be much higher,”

–

By:  BBC

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