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Sunday, September 24, 2023
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    Ghana’s total exports decline by 9%

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    Cedi depreciates against the dollar by 22.5%

    Financial sector withstood 2022 shocks; positive signs ahead – BoG

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    Ghana’s total exports decline by 9%

    Cedi depreciates against the dollar by 22.5%

    Financial sector withstood 2022 shocks; positive signs ahead – BoG

    Water shortage to hit parts of Accra; businesses to be affected

    Excise tax amendment shows positive signs; rakes in GHS 140m 

    Ghana records over $200m trade surplus in two months

    Public debt hits GHS 575.5 billion; now 71.9% of GDP

    GEPA poised to achieve over $4bn target for non-traditional exports

    GRA fights off claims of harassing traders; calls for cooperation

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    Cedi depreciates against the dollar by 22.5%

    Financial sector withstood 2022 shocks; positive signs ahead – BoG

    Water shortage to hit parts of Accra; businesses to be affected

    Influx of Chinese tanker trucks will kill local businesses – Kwame Jantuah

    GRA fights off claims of harassing traders; calls for cooperation

    Hanno Barkhoff joins Kempinski Hotel Gold Coast City Accra as General Manager

    WTO Director-General calls for ratification of Fisheries Subsidies Agreement

    B5 Plus is an iconic testament of success of 1D1F initiative – K.T. Hammond

    BoG advised me to streamline Menzgold operations – NAM 1

  • TECHNOLOGY

    Genius IT Foundation achieves STEM.org accreditation

    Pharmaceutical Society charged to utilize AI to transform industry

    Apple says iPhone and iPad apps will show up on the vision OS App Store from the get-go

    China launches $41 billion fund to accelerate semiconductor industry

    Digital marketing: Event managers urged to explore growth opportunities

    Govt. urged to commit more investments to enhance AI competencies

    Stakeholders in digital ecosystem charged to do more to protect child privacy

    Cyber hygiene key for public safety – Dr. Albert Antwi Boasiako

    Ban on cryptocurrency still in force – Finance Ministry warns

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    Ofori-Atta commends G20 for AU’s inclusion, urges common voice

    Nine ventures announced for Africa Money and DeFi Summit investment showcase

    African Union to launch regional credit rating agency in 2024

    New study reveals alarming food access disparity affecting 650 million Africans

    Global food price index declines in August

    ECO currency challenges: Technical committee attributes delays to external shocks, others

    African leaders emphasize in-continent processing of mineral wealth at climate summit

    Indian investors commit $14 billion to Nigeria, to strengthen several Nigerian sectors

    African Development Bank announces $25 billion pledge to boost climate finance in Africa

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Ghana needs major governance reforms to save economy – Economist

byEllen Dapaah
September 26, 2022
in News, Top Stories
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Economist, Prof Godfred Bokpin, is highlighting the need for major governance reforms in the country to save the economy.

This call comes on the back of the recent downgrade by international ratings agency Fitch.

For the second time this year, Fitch has downgraded Ghana’s credit worthiness to ‘CC’ or further junk status, from ‘CCC’.

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There was no outlook for this rating since Fitch does not typically assign outlooks to ratings of ‘CCC+’ or below.

Reacting to this, Prof. Bokpin maintained that the President needs to restructure his government to cut down cost instead of banking hopes on the IMF bailout.

“The IMF program in itself is not enough. You can show enough commitment to the IMF that these are the fiscal adjustments that we want to do in order to bring our debt to a more sustainable level and therefore agree to lend to the country. But with where we are right now, merely focusing on an IMF program will not be enough.”

“Ghana needs to pursue concurrently, some kind of governance reform which will also entail doing some adjustments to our constitution. Also, initiating certain productivity enhancing reforms across the entire spectrum of the public sector will help. An inefficient public sector represents cost to the private sector as it interacts with the private sector,” he asserted.

According to Fitch, the downgrade reflects the increased likelihood that Ghana will pursue a debt restructuring given mounting financing stress, with surging interest costs on domestic debt and a prolonged lack of access to Eurobond markets.

The rating agency added interest costs on external debt are lower than for domestic debt and near-term external debt amortizations appear manageable.

This development comes at a time where the country is in talks with the International Monetary Fund to conclude on a bailout program worth GHS3 billion to save the economy.

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Cedi depreciates against the dollar by 22.5%

Financial sector withstood 2022 shocks; positive signs ahead – BoG

Water shortage to hit parts of Accra; businesses to be affected

Excise tax amendment shows positive signs; rakes in GHS 140m 

Ghana records over $200m trade surplus in two months

Public debt hits GHS 575.5 billion; now 71.9% of GDP

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