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Ghana Cedi Falls as Government Wage Bill Exceeds Projections

ACCRA (Capital Markets in Africa) – Ghana’s currency retreated on Monday after government data showed the West African nation is overshooting key budget targets as it approaches elections in December. The government spent 58 percent of its full-year budget for state-worker pay in the first six months of 2016, exceeding annual allocations for local government and rural development employees, according to budget documents, raising questions about the country’s commitment to rein in the fiscal deficit as…

Ghana to Sell $1 Billion Eurobond Despite Concern Over Costs

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ACCRA, Ghana, Capital Markets in Africa: Ghana will sell $1 billion Eurobonds this year despite concerns about rising borrowing costs. The West African nation will offer the debt in either July or September, Minister of Finance Seth Terkper said in an interview in the capital, Accra. The country hired three transaction advisers and remains open to other funding options, Terkper said. A failure to issue a Eurobond would leave a $750 million hole in the 2016 budget with an…

Ghana Mulls Syndicated Loans After Abandoning Eurobond Sale

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ACCRA, Ghana, Capital Markets in Africa: Ghana is considering raising money through private bank loans, abandoning plans to sell as much as $1 billion of Eurobonds on concern its inability to raise targeted budget revenue may spark an investor selloff. With-lower-than-expected oil prices, the government can’t raise all the revenue needed to meet the budget gap, the Ministry of Finance said in a statement on its website. That may worry investors in Ghana’s Eurobonds and prompt them to…

Ghana Interest Rates Seen Steady as Issahaku Holds First Meeting

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ACCRA, Ghana, Capital Markets in Africa: Ghana’s new central bank governor, Abdul Nashiru Issahaku, will probably keep policy unchanged at his debut interest-rate announcement after inflation started to slow and the cedi stabilized. Issahaku, 54, appointed last month after the early retirement of Kofi Wampahin March, will probably leave the benchmark rate at 26 percent when he announces the first Monetary Policy Committee decision under his leadership on May 16, according to the median of eight economist estimates compiled by Bloomberg….

Ghana’s Economy Expanded at Slowest Pace in 20 Years in 2015

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CASABLANCA, Morocco, Capital Markets in Africa — The Moroccan central bank cut its benchmark interest rate on Tuesday for the first time since December 2014 in an attempt to stimulate an economy hurt by weak cereal production and non-agriculture activity. The Bank reduced the key rate by 25 basis points to 2.25 percent, Bank Al-Maghrib said in a statement. The central bank also lowered its growth forecast for this year to 1 percent from 3…

Ghana’s Investment Roadshow is not to Market Eurobond – Finance Minister

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ACCRA, Ghana, Capital Markets in Africa — Ghana’s Finance Minister said, the country has no intention of selling debt during meetings with investors this week in London, Boston and New York. The non-deal road show is part of activities designed to share information on financial and economic developments with investors, the ministry said Tuesday in a statement on its website. Ghana mandated Standard Chartered Bank to arrange the meetings, which run until Friday, a person…

Nashiru Issahaku Named New Bank of Ghana Governor

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ACCRA, Ghana, Capital Markets in Africa — Ghana appointed Second Deputy Governor Abdul Nashiru Issahaku to head to the central bank after Kofi Wampah retired amid a slumping economy and inflation that remains stubbornly high. Issahaku’s term began on Monday, President John Dramani Mahama’s office said in an e-mailed statement. Issahaku joined the central bank in 2013 and is a former head of the West Africa nation’s Export Development and Agricultural Investment Development Fund. In his new position Issahaku will have to…

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