Ghana | - Part 11

Moody’s Says Ghana Deficit Will Heighten Currency Volatility

ACCRA (Capital Markets in Africa) – Ghana’s worse-than-expected budget deficit will heighten currency volatility and elevate the nation’s funding demands to finance previously undisclosed arrears of 7 billion cedis ($1.6 billion), according to Moody’s Investors Service. The discovery of the payment arrears reverses Ghana’s progress on consolidating its fiscal deficit since 2015 under an International Monetary Fund program, Moody’s said in an e-mailed statement on Monday. The shortfall is also weighing on debt dynamics and will undermine the…

INTO AFRICA February 2017 Edition: Africa’s Economic Path in 2017

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Africa: Welcome to the 2017’s first edition of INTO AFRICA, the publication with fresh insight into Africa’s emerging capital markets. In this edition, we bring you a selection of insights on Africa’s economic prospects in 2017. Please download by clicking: INTO AFRICA PUBLICATION: FEBRUARY 2017 EDITION. The collapse of oil prices has had far-reaching effects on African economies in 2016. For commodity exporters, the implications are glaring – weaker revenues have…

Been-Here-Before Feeling Saps Ghana Bonds Amid $1.6 Billion Hole

Posted on by The Editorial Team

ACCRA (Capital Markets in Africa)- The West African nation’s ballooning budget gap has dismayed investors betting the combination of a new government and an International Monetary Fund program would bring the country’s finances under control. The discovery of a 7 billion-cedi ($1.6 billion) hole is reviving memories of 2015 when Ghana’s economy was in tatters amid a slowdown in commodity prices and excessive spending. “There were some hopes that finally, under the previous government, and with the IMF’s…

Ghana Budget Gap May Double Forecast as $1.6 Billion Hole Found

Posted on by The Editorial Team

ACCRA (Capital Markets in Africa) – Ghana’s fiscal shortfall could be close to double the forecast for last year, Finance Minister Ken Ofori-Atta said a day after the government said it discovered a 7 billion-cedi ($1.6 billion) hole in the budget. The budget deficit as a percentage of gross domestic product could be close to “double digits” for 2016, he said Wednesday in an interview in Accra, the capital. “We’re still in the process of gathering information,”…

Ghanaians Hoarding Dollars Put Cedi on Course for 19-Month Low

Posted on by The Editorial Team

ACCRA (Capital Markets in Africa) – Ghanaians are holding on to their dollars after government data showed the nation’s budget deficit was wider than expected, setting the currency on track for the weakest close since June 2015. The cedi was among the worst performers in the world this year after data showed the nation’s budget shortfall in the first 11 months of 2016 was more than 2 percentage points higher than the government’s target. The cedi declined 0.7…

West Africa Oil Floods to Asia in Latest Sign of OPEC Impact

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – West African oil producers will next month send the most crude to Asia in at least five years, the latest sign of how refineries in the world’s biggest demand region are scouring the world to replace supplies cut by OPEC’s Middle East producers. Shipments on the trade route, among the longest for supertankers, are set to soar to 2.19 million barrels a day in February, the highest level since…

Ghana Will Meet IMF Bailout Benchmarks, Says Finance Minister

Posted on by The Editorial Team

ACCRA (Capital Markets in Africa) – Ghana remains committed to its three-year bailout plan with the International Monetary Fund and will take steps to achieve the program’s benchmarks if it allows the country an opportunity to address economic “predicaments” by creating jobs. The IMF program remains necessary to achieve fiscal consolidation “though it is presently in a delicate state,” Finance Minister Ken Ofori-Atta said in an e-mailed statement on Monday. Ghana’s total public debt stood at 71.9 percent…

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