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Ghana $2.2 bln debt sale boosts Central Bank reserves by one-third

ACCRA (Capital Markets in Africa) – Ghana has raised $2.2 billion from a sale of long-dated domestic bonds on Friday, boosting its central bank reserves by one-third, transaction leads and central bank sources said on Monday. Offshore buyers constituted 90 percent of accepted bids, according to Barclays Bank Ghana sources. The cedi fell to a record low of 4.7420 to the dollar last month but rallied to 4.2750 by noon (1200 GMT) on Monday, down…

Ghana names monetary policy expert Addison as central bank governor

Posted on by The Editorial Team

ACCRA (Capital Markets in Africa) – Ghana’s President Nana Akufo-Addo named senior monetary policy expert Ernest Addison as central bank governor on Thursday, a day after his predecessor resigned for personal reasons, a statement from the presidency said. Addison, who in the early 2000s was a leading architect of Ghana’s monetary policy, worked as a lead economist at the African Development Bank. The announcement comes as Akufo-Addo’s young government seeks to stabilize national finances and…

Bank of Ghana Governor Issahaku Resigns After Year in Post

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ACCRA (Capital Markets in Africa) – Bank of Ghana Governor Abdul Nashiru Issahaku tendered his resignation after a year in the job and three months after the president who appointed him lost power. Issahaku, 55, will leave the post for “personal reasons,” he said in a text message on Thursday. He was appointed governor in April by former PresidentJohn Dramani Mahama, whose National Democratic Congress lost the December election to the New Patriotic Party led by President Nana Akufo-Addo….

Ghana central bank slashes benchmark interest rate

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ACCRA (Capital Markets in Africa) – Ghana’s central bank slashed its benchmark interest rate on Monday by two percentage points to 23.5 percent, noting signs inflation was trending downwards, in a move that may help spur lending and business activity. Ghana was for years one of Africa’s fastest-growing economies but growth slumped in 2014 due to falling commodities prices, high inflation, a big budget deficit and public debt. As inflation eases, the bank can lower…

A Prognosis of Ghana’s Macroeconomic Prospects in 2017

Posted on by The Editorial Team

ACCRA (Capital Markets in Africa) – Ghana’s much-anticipated return to macroeconomic stability started to materialize in 2016, on the back of the ongoing fiscal adjustment program with the IMF and its associated front-loaded fiscal measures implemented since April 2015. The most notable indication of emerging macroeconomic stability in 2016 was observed in the foreign exchange market where the Ghana Cedi recorded a relatively more stable outturn against the major international trading currencies. The Cedi’s improved…

Ghana’s Central Bank Urges Lenders Consolidate to Boost Growth

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ACCRA, Capital Markets in Africa: Ghana’s central bank expects mergers and acquisitions among lenders to increase as regulators prepare new rules that will boost the amount of cash that they need to set aside. Capital levels in the industry are too weak to support the government’s target of reaching gross domestic product growth of at least 8 percent a year, Bank of Ghana Governor Abdul Nashiru Issahaku said by phone on Friday. The bank will publish recommendations of…

Ghana Sees Debt Levels Slowing as Growth Outpaces Borrowings

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GHANA, Capital Markets in Africa: Growth in Ghanaian government debt will slow in 2016 as economic expansion outpaces borrowing, Finance Minister Seth Terkper said. The West Africa nation’s debt, which measured 71 percent of gross domestic product in 2015, “will improve on account of positive growth,” Terkper told journalists Monday in the capital, Accra. The economy of the world’s second-biggest cocoa grower expanded by 4.9 percent in the first quarter from a year earlier, compared with a revised 4.1…

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