S&P downgrades Ghana from CCC+ to CC; says local debt in default
S&P Global has downgraded Ghana’s long-term local currency bonds to “selective default” and cut the country’s foreign currency debt to “CC” from “CCC-plus,” with default a “virtual certainty,” the rating agency said in a statement on Tuesday. S&P said Ghana’s proposed local debt swap is a “distressed exchange offer,” earning those bonds the “selective default” […]
Debt exchange programme: BoG announces relief packages for banks
In its quest to strengthen the banking sector and help manage the possible impacts of government’s proposed debt exchange programme on banks in the country, the Bank of Ghana has outlined a number of policy and regulatory relief packages for these institutions. The move is to help preserve the financial stability of these financial institutions […]
Debt Exchange: 8 banks highly exposed to government bonds, may be hit hardest – Report
About eight banks [names withheld] are highly exposed to the Government of Ghana securities, particularly bonds and could therefore be impacted significantly by the Debt Exchange Programme. According to the November 2022 Ghana Fixed Income Market report, the banks (four foreign and four local) together controlled about 83.91% of the debt market share. They traded […]
Producer Price Inflation rises sharply — Now at 65.25% in October
THE Producer Price Inflation (PPI) which measures the average change over time in the selling prices of goods and services as received by domestic producers shot up to 65.2 per cent in October. This was up from the 45.6 per cent recorded in September and clearly signals what is to be expected of consumer inflation […]
GSE tightens rules on green bonds
The Ghana Stock Exchange (GSE), in collaboration with the Securities and Exchange Commission (SEC), has launched new rules to guide the listing and trading of green and sustainable bonds on the market. Dubbed the Green and Sustainable Bond Rules, the launch of the new guidelines formed part of activities to mark the 32nd anniversary of […]
BoG withdraws foreign exchange support for importation of rice, vegetable oils, others
The Bank of Ghana has withdrawn foreign exchange support to customers for the importation of certain non-critical or essential goods. Joy Business however understands that the withdrawal of the FX support for the importation of these non-essential goods took effect in the past three weeks. The goods affected include rice, poultry, vegetable oils, toothpicks, pasta, […]
AGI urges businesses to employ innovative strategies to control economic hardships
The Association of Ghana Industries, AGI, is urging industry players to adopt innovative ways to come out of the challenges that confront their industries. Their call comes as businesses are currently grappling with economic challenges confronting the country. Speaking during the Accra Regional Annual General Meeting of the Association, Greater Accra Regional Chairman of AGI, […]
Gov’t to pilot sale of cheap foodstuff at Agric Ministry today
The Ministry of Food and Agriculture will from today, Friday, November 11, 2022, begin the retailing of food items at its premises to civil and local government workers. The Ministry explains that the move forms part of efforts to cushion Ghanaians and mitigate the impact of rising food prices. The first truckload from the farm […]
Cedi depreciation impact on inflation likely to continue – Government Statistician
The effect of the depreciation of the Ghana cedi on the rate of inflation is not likely to end anytime soon. According to Government Statistician, Professor Samuel Kobina Annim, the policy decision to be taken in the next few months will determine if the current volatilities in the exchange rate between the local currency and […]
Registrar of Companies given green light to shut down Q-Net
The Office of Registrar of Companies has been directed by an Accra High Court to shut down Q-Net Investment Limited. The Court presided over by Justice Jennifer Abena Dadzie found that the case filed by Attorney Godfred Yeboah Dame is “a proper case in which the powers of the court are to be executed to […]