Category: Local Economy
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Fitch downgrades Ghana’s credit rating from B- to CCC
Ghana has suffered another blow as its credit rating has been downgraded by Fitch Ratings from B- to CCC. This rating did not come with an outlook because Fitch typically does not assign outlooks to ratings of ‘CCC+’ or below. This update follows Standard and Poor’s (S&P) downgrade of Ghana’s foreign and local credit ratings…
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Ghana likely to secure US$3 billion from IMF for economic support
Government could obtain a loan of about US$3 billion from the International Monetary Fund as economic assistance. According to Bloomberg, the funding which will come in the form of balance of payment support will be spread within three years. A billion dollars is expected to come in immediately after the Fund approves an economic programme…
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USAID Feed the Future Program provides funding to Agrihouse Foundation’s 1H1G Initiative
The United States Agency for International Development (USAID) and the Alliance for a Green Revolution in Africa’s (AGRA) Ghana Inclusive Agriculture Transformation (GIAT) program announced funding support for the delivery of the Agrihouse Foundation’s 1Household, 1Garden initiative (1H1G). The new project is receiving financial support from USAID’s Feed the Future initiative through AGRA. The 1H1G…
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Economist reacts to slash in Ghana’s growth rate forecast
Economist, Dr. Patrick Asuming, says the slash of Ghana’s growth rate forecast to 3.1 percent by Standard Bank is an indication that the government has not gotten a handle on how to save the economy. Africa’s biggest bank, Standard Bank, has slashed Ghana’s economic growth rate forecast for 2022 to 3.1 percent from the earlier…
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S&P downgrade: Gov’t urged to quicken pace of fiscal consolidation
Economist with Databank, Courage Martey has reiterated calls for government to hasten the pace of fiscal consolidation in the short to medium term. In an interview with Citi Business News, the economist said this will restore the country back above the current downgraded position that the country is facing. His call comes as international ratings…
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The Gadget Master opens first outlet in East Legon
The Gadget Master, a leading gadgets and electronics company, has opened its new retail shop in East Legon, in Accra to serve its customers in the nearby suburbs of Madina, North Legon, Atomic, University of Ghana and surrounding areas. The opening of the new shop is part of the company’s effort aimed at enhancing its…
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S&P revises Ghana’s rating to ‘CCC+/C’, outlook negative
Ratings agency, S&P Global Ratings, has revised Ghana’s rating from B-/B to CCC+/C. In a statement issued on Friday August 5, 2022, the global ratings agency, said though government has taken steps toward consolidating the fiscal deficit, including the recent passage of the Exemptions bill, high borrowing costs and softening growth make it difficult to…
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LPG Marketers Association promise availability of product after strike
The LPG marketers Association of Ghana is assuring consumers they would get products to buy from the retail outlets of its member across the country. This comes after an earlier strike by the association over an embargo instituted by the government on the construction of new LPG stations in 2017. The development left many consumers…
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GIPC and GSE sign MoU to attract more investment into Ghana
As part of efforts to attract more investment into the country, the Ghana Stock Exchange, GSE, and the Ghana Investment Promotion Investment Centre, GIPC have signed an agreement to promote deeper alliance between the two institutions. The Memorandum of Understanding, MoU, establishes a practical framework for developing greater partnership between the two institutions. The GIPC…
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We’re ready to re-engage gov’t on acquisition of Vodafone shares – Telecel
International telecommunications firm, Telecel Group, says it is willing to re-engage government to get the clearance to acquire Vodafone PLC’s operations in Ghana, following earlier hurdles. Last week, news broke about Vodafone Group’s intention to exit Ghana’s telecom market to enable it re-focus on its key markets. The British telecommunication giant had agreed to offload…