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    Time to take strategic steps to grow Ghana’s economy is now – Pierre Laporte

    Societe General Ghana partners AGF to provide financing solutions for SMEs

    NPA encourages consumers to lodge complaints of foul play at the pump for redress

    Banks must improve their systems to check rising spate of financial fraud – e-Crime Bureau

    IMF likely to reject program with wholesale gov’t subsidies – Prof. Quartey

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    Node 8, HTU hold first edition of Node X in Ho

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    Time to take strategic steps to grow Ghana’s economy is now – Pierre Laporte

    Societe General Ghana partners AGF to provide financing solutions for SMEs

    IMF programme won’t affect free SHS, other flagship programmes – Gov’t

    NPA encourages consumers to lodge complaints of foul play at the pump for redress

    Banks must improve their systems to check rising spate of financial fraud – e-Crime Bureau

    E-Levy won’t be terminated because of IMF bailout – Gov’t assures

    Node 8, HTU hold first edition of Node X in Ho

    IMF likely to reject program with wholesale gov’t subsidies – Prof. Quartey

    ‘Seeking IMF bailout doesn’t mean e-levy has failed’ – Oppong Nkrumah

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    Time to take strategic steps to grow Ghana’s economy is now – Pierre Laporte

    Societe General Ghana partners AGF to provide financing solutions for SMEs

    NPA encourages consumers to lodge complaints of foul play at the pump for redress

    Banks must improve their systems to check rising spate of financial fraud – e-Crime Bureau

    IMF likely to reject program with wholesale gov’t subsidies – Prof. Quartey

    Golden Tulip Hotels not sold; leased for 12 years – Management

    Tullow Ghana awards KNK contract to Petrofac as part of transformation project

    We did no wrong in sale of 260 metric tonnes of slop oil – TOR

    Increase investments in digitisation platforms to ensure safe trade transactions under AfCFTA – BoG

  • TECHNOLOGY

    Node 8, HTU hold first edition of Node X in Ho

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

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    Africa’s internet economy to cross $180 billion by 2025: Report

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    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

    Modern airline tickets design with flight time and passenger name. Plane tickets vector pictogram. Airline boarding pass template. Vector illustration. The concept of air transportation

    Ticket prices to rise following B.A schedule change on Accra-London-Accra route

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Ghana gets $1bn pledge from banks to spur finances

June 13, 2022
in Business, Local Economy, Top Stories
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International banks have pledged to lend Ghana $1 billion for budget purposes and to boost central bank reserves as the country seeks to cut its fiscal deficit and stabilize the local currency.

This is according to Bloomberg.

The country raised $750 million through syndicated loans with the participation of about eight African and European banks and $250 million from multilateral lenders, according to two people familiar with the transaction, who didn’t want to be identified because the deal is not yet public. Standard Bank Group Ltd., Standard Chartered Plc and Rand Merchant Bank Ltd. led the arrangements.

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The transaction is the first part of $2 billion in syndicated loans that Ghana targets to raise this year to stabilize its finances and financial markets. Ghana lost access to Eurobond markets this year due to higher debt and budget deficit levels, caused by the impact of the coronavirus pandemic.

The country, which aims to cut its budget shortfall to 7.4% of gross domestic product this year from an estimated 12.1% of GDP, will dedicate $750 million of the syndicated loans to the budget, for expenses and liability management, the people said. The rest will go to the Bank of Ghana to beef up its resources for swap deals, they said.

Ghana’s debt ratio rose to 78% of GDP at the end of March, from 66.3% of GDP a year before. The cedi lost 22% against the dollar this year compared with 1% appreciation for the same period a year ago.

The deal will likely be presented to parliament next week for approval, the people said.

The country will consider the second tranche of $1 billion in the latter part of the year, after the mid-year review of the budget and taking into account the impact of the electronic transactions levy, oil and food prices, as well as geopolitics, they said.

Spokesperson to the Finance Ministry, Cecilia Akwetey was unable to immediately comment when contacted by phone and text message. A spokesman for the Bank of Ghana, who asked not to be identified, said he couldn’t immediately comment when contacted by phone.

Source: Bloomberg
Tags: debtGhana
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