Ghana | - Part 7

Ghana President Says IMF Program Will Be Concluded Next Year

ACCRA (Capital Markets in Africa) – Ghana’s government said it is committed to meeting the obligations of an International Monetary Fund program and is working with the Washington-based lender to complete its 2018 budget. The West African nation is in the third-year of a $918 million credit-facility program that it agreed to with the IMF in April 2015 after its currency plunged and public debt ballooned. While the program was scheduled to be concluded in April…

Ghana Oil Boon Not Enough to Plug Budget Hole as Prices Drop

Posted on by The Editorial Team

ACCRA (Capital Markets in Africa) – A surge in Ghana’s oil output this year may do little to ease the West African nation’s fiscal strains as crude prices are lower than what it budgeted, eroding the gains from extra production. This year’s average Brent crude price of $52 a barrel is below the $56 forecast in the budget, which could complicate the state’s plans to narrow the fiscal deficit. Output is set to climb by more than…

Moody’s: Ghana’s credit profile balances strong economic growth outlook

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ACCRA (Capital Markets in Africa) – Ghana’s B3 credit rating and stable outlook reflects its strong economic growth outlook and reduction in external imbalances, set against challenges which include a significant fiscal overrun in 2016, high government debt and very low debt affordability, Moody’s Investors Service said in a report published this past week. The annual update, “Government of Ghana — B3 Stable Annual Credit Analysis”, is now available on www.moodys.com. Moody’s subscribers can access…

Ghana’s Economy Expands Most Since 2014 in First Quarter

Posted on by The Editorial Team

ACCRA (Capital Markets in Africa) – The economy of Ghana, West Africa’s biggest after Nigeria’s, expanded the most in almost three years in the first quarter, boosted by gains in the oil industry. Gross domestic product rose 6.6 percent in the three months through March from a year earlier, Anthony Amuzu, deputy government statistician for operations at the Ghana Statistical Service, told reporters Wednesday in the capital, Accra. That’s the fastest expansion since the third quarter…

LeapFrog invests US$180mn in Enterprise Group Ghana

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ACCRA (Capital Markets in Africa) – LeapFrog Investments, the profit-with-purpose investor in emerging markets, today announces a total investment of US$180mn in Ghanaian financial services market leader, Enterprise Group Limited (Enterprise Group). The transaction draws from a US$350mn separately managed account, LeapFrog Strategic African Investments (LSAI), which was established in 2016 to access high growth markets in Africa. The Enterprise Group commitment represents LeapFrog’s largest investment to-date and marks the first investment of LSAI, a fund…

Ivory Coast, Ghana Said to Seek $1.2 Billion Loan for Cocoa

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ACCRA (Capital Markets in Africa) – The cocoa regulators of the world’s two biggest producers are in talks with the African Development Bank about a $1.2 billion loan that will be used to increase output and mitigate against volatile prices, according to two people familiar with the matter. Ivory Coast and Ghana want to build storage facilities for local processing and for the storing and release of stocks based on market demand, said the people, who…

Ghana to Tap Stabilization Fund for Cocoa Pay Next Season

Posted on by The Editorial Team

ACCRA (Capital Markets in Africa) – Ghana will probably start drawing from its stabilization fund to cover cocoa farmers’ pay during the season that starts in October as the second-biggest grower props up local prices in the face of a global slump. While Ivory Coast, the largest producer, has already slashed the price it pays farmers for the smaller of two annual crops by 36 percent, Ghana’s Cocoa Board so far kept it unchanged and…

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