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    IMF: Ghana has fulfilled obligations, awaiting creditor action on debt restructuring

    IMF, World Bank work to accelerate debt treatment for Ghana, others under G20

    Zambia advises Ghana to have restrictive laws on debt accumulation 

    Ken Ofori-Atta, Ministry of Finance for Ghana, gives an interview during day 3 of the AfDB Annual Meetings on 13 June 2019 in Malabo, Equatorial Guinea. (Photo by Malick Silue)

    2024 budget: Government commits to more expenditure cuts, aggressive growth, jobs

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    IMF awaits Ghana’s agreement with bilateral creditors before releasing next tranche of $3bn bailout

    Development Bank Ghana set to diversify financial offerings by introducing equity fund alongside lending activities.

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S.Africa’s rand firmer, stocks set to open lower

bycitibusinessnews
March 31, 2016
in Africa, Southern Africa
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South Africa’s rand firmed against the dollar early on Thursday, holding on to its 3-1/2 month high against the greenback, as receding worries of near-term U.S. interest rate hikes buoy investors’ appetite for riskier asset.

At 0654 GMT, the rand traded at 14.9100 per dollar, 0.23 percent firmer from Wednesday’s New York of 14.9445.

The currency rallied to its best since mid-December on Wednesday after emerging markets were buoyed by Federal Reserve chair Janet Yellen’s comments that the U.S. central bank should be cautious in raising interest rates.

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“Further gains will be limited as traders wait for U.S. payrolls report tomorrow, though Yellen’s cautious demeanour will keep emerging markets on front foot for while,” NKC African Economics said in a note.

Locally, focus was on the Constitutional court ruling on whether President Jacob Zuma should pay back some of the 240 million rand ($16 million) spent by the state on renovating his private Nkandla home, as well as a raft of data releases such as February trade numbers.

Stocks were set to open lower at 0700 GMT, with the JSE securities exchange’s Top-40 futures index down 0.5 percent.

In fixed income, the yield for the benchmark instrument due in 2026 was down 1.5 basis points to 9.16 percent.

–

Credit: CNBC Africa

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