Tag: Ghana Economy
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Moody’s downgrades Ghana’s rating from Caa1 to Caa2
Rating agency, Moody’s has downgraded Ghana’s long-term issuer and senior unsecured debt ratings from Caa1 to Caa2 and placed the ratings on review for downgrade. Moody’s, in February this year, downgraded Ghana from B3 to Caa1. The agency contends that the further downgrade stems from the government’s decision to seek support from the International Monetary…
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Government may not be able to conclude IMF deal this year – Economist
Dr. Theophilus Acheampong, an economist, doubts government will be able to conclude the deal with the International Monetary Fund before the year ends. “We have done our own Debt Sustainability Analysis as part of the budget cycle. When the IMF comes to town, they also do theirs, and then both sides sit to agree on…
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Leverage Moody’s positive rating to attract investments – Prof. Assibey to Gov’t
Economist, Prof. Eric Osei Assibey, has stated that government ought to take advantage of the country’s positive outlook ratings to attract more investments into the country. His comment follows Ghana’s recent improvement in the report of International Rating Agency, Moody’s, from a stable outlook to a positive one. Moody’s, based its rating on what it…
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Seth Terkper writes: Budget Performance and Fiscal Complacency
The 3-part Article, under the general heading of “Fiscal Complacency”, discusses specific issues arising from the Mid-Year Review, including some that have been on the radar since the presentation of 2017. The headline item is the fiscal deficit rising above 7 percent when all banking sector bailout and capitalization costs are taken into account. Issues…
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Banking sector reforms fortified economy — President Akufo-Addo
President Nana Addo Dankwa Akufo-Addo on Wednesday defended government’s decision to reform the banking sector, saying the measure had ensured the stability of the country’s economy. “The measures we took saved the banking industry from a very dire situation,” he said when he opened the new headquarters building of the CalBank situated at 23 Independence…
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Banking consultant bashes BoG for high lending rate
Banking consultant, Nana Otuo Acheampong, has criticized the Bank of Ghana over the country’s high average lending rate which is hovering around 33 percent. According to him, it is imperative for the central bank to roll out measures to help ease pressures on the economy and businesses. Speaking to Citi Business News, , Nana Otuo…
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GASSM blames politicians for increase in galamsey operations
The Ghana Association of Small Scale Miners (GASSM) is blaming government and its allied institutions for the rise in illegal mining activities, also known as ‘galamsey’ in the country. The association believes the lack of political will and monitoring by the mandated institutions have led to the destruction of aquatic life as major water bodies…
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BoG worried over high lending rates
The Governor of the Bank of Ghana (BoG) Dr. Abdul Nashir Issahaku has described as worrying the country’s current average lending rate which is hovering around 33 percent. According to Dr. Issahaku, the central bank is committed to bringing down lending rates by tightening monetary policy. Speaking to Citi Business News, Dr. Issahaku said the…
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Inflation rate hikes to run into December- GSS
The Ghana Statistical Service (GSS) has stated that the country is likely to see an upsurge in its consumer price inflation (CPI) till the end of 2016. According to the GSS activities of speculators have heightened some exchange rate fluctuations which have seen increase in some goods. Government statistician at the Ghana Statistical Service Dr…
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Bawumia selectively used debt figures – Terkper
Finance Minister, Seth Terkper has accused the New Patriotic Party’s (NPP) running mate for the 2016 elections, Dr. Mahamudu Bawumia of selectively using the data on government for his lecture on Thursday, September 8, 2016. According to Mr. Terkper, it is unrealistic for the NDC to borrow 39.9 billion US dollars as announced by Dr.…