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Fitch Ratings has assigned Ghana’s new US dollar bonds, issued on 9 October 2024, a ‘CCC+’ rating. Fitch also has upgraded Ghana’s Long-Term Local-Currency (LTLC) Issuer Default Rating (IDR) to ‘CCC+’ from ‘CCC’. Fitch has affirmed Ghana’s Long-Term Foreign-Currency (LTFC) IDR at ‘RD’. Fitch typically does not assign Outlooks to IDRs of sovereigns with a rating of ‘CCC+’ or below. Fitch has also affirmed the ‘CC’ rating on Ghana’s US dollar-denominated notes partially guaranteed by the International Development Association (IDA), part of the World Bank Group, due October 2030, and subsequently withdrawn the rating. The issue rating for the IDA-partially…
Ghana, the world’s second-largest cocoa producer, is at risk of seeing its cocoa export earnings crash below the $2 billion mark in 2024—the lowest since 2010. Despite strong cocoa futures due to supply restrictions during the 2023/2024 season, analysis of Bank of Ghana data by the JoyNews Research Desk reveals that the country’s once-reliable cocoa industry, a backbone of its economy, is on track to bring in its weakest export earnings in over a decade. Ghana’s cocoa revenues, which peaked at $2.87 billion in 2011, have fallen steadily to $2.12 billion in 2023, representing a cumulative 26% decline. This translates…
A Canadian non-governmental organization supporting rural women in agricultural areas has identified illegal mining, commonly referred to as galamsey as a major economic risk to women in cocoa farming. Agricultural Risk Management Specialist for SOCODEVI, Samuel Apenteng observed many women in rural areas have had their cocoa farms destroyed by illegal miners. He said many are also finding it difficult to get labourers to support their work. Speaking at a durbar to commemorate the 2024 International Rural Women’s Day in the Ashanti Regional town of Dompoase, some of the farmers shared experiences of how their lives have been affected by…
The National Petroleum Authority (NPA) has announced a new Price floor for the second pricing window, from 16th -31st October 2024. The authority has set GH₵12.73 for petrol and GH₵13.43 for diesel. The development means that no oil marketing company should be selling below the price quotes. The NPA in the notice to the Oil Marketing Companies (OMCs) and Liquefied Petroleum Gas (LPG) marketers advised all the players to comply with the above price floors for the window. It added that the price floors exclude the premiums charged by International Oil Trading Companies (IOTCs) and the operating margins of BIDECs,…
The West Africa Competitiveness Programme (WACOMP), implemented by the United Nations Industrial Development Organization (UNIDO) and funded by the European Union (EU) has concluded in Ghana, after more than five years of work. The initiative, which had a budget of €6,350,000, aimed to improve the competitiveness of the cassava, mango, pineapple, cosmetics, and personal care product value chains. The project has had a significant impact, benefiting 48,849 small and medium-sized enterprises (SMEs), including more than 31,000 women-owned businesses, and continuously improving their competitiveness in accessing national and international markets. Using UNIDO’s 5 Cs for competitiveness (coordinate, compete, conform, connect, and…
The government, fortnight ago, announced success in securing almost 100% participation in the Eurobond Debt Exchange Programme, which concluded on 30th September 2024.
The debt restructuring exercise, a key requirement under the International Monetary Fund (IMF) programme, was part of efforts to address Ghana’s growing debt burden and secure a US$3 billion bailout over three years.
Cedi improves rallying on debt restructuring and IMF assessment successes
A recent survey by Deloitte has revealed that businesses in Ghana’s upstream oil and gas industry expect their investment decisions, particularly in waste management, to be influenced by the introduction of the emissions levy. The levy, which was introduced in the 2024 National Budget under the Emissions Act 1112, imposes a tax on carbon dioxide equivalent emissions across several sectors, including oil and gas, construction, manufacturing, mining, and electricity generation. According to the survey, 40% of respondents indicated that the emissions levy would drive their investments towards cleaner technologies. Awareness of the Ghana Revenue Authority’s levy is also high, with…
The Board of Directors of the ECOWAS Bank for Investment and Development (EBID), at its 89th Ordinary Session, approved investments totalling EUR 61 million and USD 100 million to stimulate the infrastructure, trade, and sustainable development sectors in West Africa. The session was held on fortnight ago, at the Bank’s headquarters in Lomé, Togo, under the chairmanship of Dr George Agyekum Donkor, President and Chairman of the Board of Directors. A press statement said Dr Donkor emphasised that the approved investments are in line with the Bank’s mission to promote sustainable development and regional integration for the ECOWAS sub-region…