Category: Top Stories
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AfCFTA: AB&David projects more opportunities for businesses in a volatile economy
AB & David Africa, a pan-African business law firm is hopeful that business avenues are likely to spring up for more companies on the continent if the Africa Continental Free Trade Area is optimized. The Pan African firm maintains that although some businesses have struggled to find their feet even after the COVID-19 pandemic, there…
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Successful DDEP will build momentum for external debt restructuring – Ofori-Atta
The Minister for Finance, Ken Ofori-Atta is confident that the successful implementation of the Domestic Debt Exchange Programme (DDEP) will build momentum for the country’s external debt restructuring programme. In an address to Parliament on Thursday, February 16, 2023, the Minister stated that the completion of the DDEP, which was aimed at alleviating the country’s…
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All pensioners who didn’t participate in DDEP exempted – Ofori-Atta
Pensioner bondholders who did not sign onto the Domestic Debt Exchange Programme have been officially exempted from the programme. The Finance Minister, Ken Ofori Atta disclosed this in Parliament while addressing the house on the state of the Domestic Debt Exchange Programme. “Government remains committed to the wellbeing of our senior citizens. It has caused…
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Ghana’s inflation for January 2023 drops marginally to hit 53.6%
The year-on-year inflation rate for January 2023 has dropped marginally to 53.6%, from the 54.1% recorded in December 2022. This is according to latest data from the Ghana Statistical Service. This is the first time in the last 19 months that there has been a reversal of the rate of increase for the year-on-year inflation.…
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Analysts raise doubts over govt’s 85% participation rate in DDEP
Barely 24 hours after the government announced that it has achieved approximately 85 percent success rate in the Domestic Debt Exchange Programme, some watchers of the space have raised doubts over the government’s claim. During the launch of the Domestic Debt Exchange Programme in December 2022, the Minister of Finance, Mr Ken Ofori-Atta, said holders…
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Fitch downgrades Ghana’s creditworthiness to ‘Restricted Default’ from ‘C’
International rating agency, Fitch, has further downgraded Ghana’s Long-Term creditworthiness to Restricted Default (RD) from ‘C’. The issue ratings on local-currency bonds issued domestically have also been downgraded to Default (D) from ‘C’. In a statement, Fitch also affirmed Ghana’s Long-Term Foreign Currency (FC) IDR at ‘C’. Fitch typically does not assign Rating Outlooks to…
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Govt swaps over GH₵82bn bonds for new ones under DDEP
The Ministry of Finance has revealed that it has successfully swapped GH₵82,994,510,128 worth of old bonds from a possible GH₵ 97,749,624,691 under the domestic debt exchange programme. The amount represents an 84.91% success rate exceeding the Finance Ministry’s intended target of an 80 percent participation rate. Meanwhile, the government has extended the settlement date for…
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IMF assigns resident financial adviser to Bank of Ghana
The International Monetary Fund (IMF) has appointed Leonard Chumo as a financial adviser to the Bank of Ghana upon request. Funded by Switzerland’s State Secretariat for Economic Affairs (SECO), the resident adviser is expected to provide technical assistance and help build the capacity of the banking supervision function in the country. A press release from…
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Fuel prices likely to drop in February second pricing window – IES
The Institute for Energy Security (IES) is projecting a marginal drop in the prices of fuel for the second pricing window in February. IES projects the price of Gasoil to drop by about 4.26% from GH¢15.90 to about GH¢15.25 in the second week of the pricing window. The price of liquefied petroleum gas is also…
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Debt exchange programme recorded over 80% participation – Govt
Government says the Domestic Debt Exchange Program (DDEP) officially closed on Friday, February 10, 2023, with over 80% participation of eligible bonds. This was announced in a statement issued by the Finance Ministry on Tuesday, February 14, 2023. Government in the statement thanked the people of Ghana for their “forbearance and support throughout these very…