Author: citibusinessnews
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Ghana misses restructuring target in blow to ailing currency
Ghana’s cedi, the world’s second-worst performing currency this year, is heading for more pain after the West African nation missed a self-imposed deadline to restructure its bilateral debt and move closer to tapping foreign aid. Finance Minister Ken Ofori-Atta wanted to reach a restructuring agreement with bilateral creditors by the end of February to help…
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Finance Ministry expects improved credit ratings to enhance engagements with external creditors
The Ministry of Finance says it expects improvement in Ghana’s local currency sovereign credit ratings to enhance engagement with external creditors on its debt treatment. This comes after S&P Global Ratings on Friday, February 24, 2023, raised Ghana’s local currency sovereign credit ratings from selective default (SD) to ‘CCC+/C’. “This acknowledges the completion of the…
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600,000 barrels of Russian fuel shipped to Ghana – Bloomberg
International business news network, Bloomberg says about 600,000 tonnes of fuel from Russia have been shipped and stored in Ghanaian tanks. Following Russia’s invasion of Ukraine, the European Union and US barred fuel imports from the former Soviet leader. Bloomberg reports that its tanker tracking data show that “The last signal from the vessel was…
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Payment of coupons, principals of old bonds to resume on March 14 – Govt
As part of efforts to ensure bondholders who did not tender their old bonds are paid, government has promised to pay matured coupons and principal of old bonds beginning March 13, 2023. This comes after it defaulted on the payment of coupons that matured on February 6 and 20, 2023. In a statement issued on…
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Heritors Labs empowers persons living with disabilities with entrepreneurial skills
Heritors Labs Limited, a Web 3.0 company and a hub for research and innovation services, hosted a two-day training workshop to build entrepreneurship capacity and increase the participation of women, young people, and people with disabilities in the research and innovation commercialisation value chain. The event, dubbed “Levelling Up Training Workshop for Research and Innovation…
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Fuel prices likely to drop in March – COPEC
The Chamber of Petroleum Consumers (COPEC) has predicted that fuel prices are likely to see a decline in the first pricing window of March 2023. According to COPEC, prices of both petrol and diesel have all declined marginally within the period while crude price has also minimally dropped from $82.99/barrel to $82.48/barrel (-0.61%). With the…
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Bono Regional Minister pays courtesy call on Management of GACL
The Bono Regional Minister, Hon. Justina Owusu-Banahene has paid a courtesy call to the Management of Ghana Airports Company Limited. The purpose of the visit was to express appreciation for the support and cooperation, especially in the Management of Sunyani Airport. She commended Management for the facilities put in place and offered suggestions that would…
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Ghana’s local debt score raised by S&P as domestic default cured
The rating on Ghana’s local-currency debt was upgraded by S&P Global Ratings as the country settled its domestic debt exchange with bondholders. The nation’s foreign debt remains rated in default. Ghana’s local credit score was raised to CCC+ from SD — or selective default — by S&P after new domestic debt securities were delivered to…
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Gold Fields production drops by 4% in 2022
Production for Goldfields Ghana dropped by four percent to 838,000 ounces (koz) in 2022 from 871, 000 (koz) in 2021, mainly driven by decreased production at the Damang Mine due to completion of the Damang pit cutback as well as lower production at Asanko. The Company in a press release indicated that all-in costs across…
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IMF deal in danger if China rejects Ghana’s debt relief – German Ambassador
The German Ambassador to Ghana, Daniel Krull, has warned that the $3 billion bailout being sought from the International Monetary Fund is in danger of not being approved if China fails to agree to a debt relief package. Addressing the media, Daniel Krull said China has so far rejected attempts by officials from Ghana to…