Dr. Mohmmed Amin Adam<\/strong><\/p>\n\u00a0<\/p>\n
US-based credit rating agency, Moody\u2019s, has upgraded Ghana\u2019s economic outlook from \u2018stable\u2019 to \u2018positive\u2019.<\/p>\n
In a statement, it alluded that the \u201cpositive outlook reflects the potential for liquidity risk to ease amid ongoing fiscal consolidation efforts supported by the International Monetary Fund (IMF).<\/p>\n
The credit rating agency also revised the country\u2019s long-term local and foreign currency issuer ratings to \u2018Caa2\u2019 from \u2018Caa3\u2019 and \u2018Ca\u2019, respectively.<\/p>\n
The new rating follows the country\u2019s extensive debt treatment led by the Ministry of Finance that has significantly alleviated the government\u2019s financial burdens.<\/p>\n
Over 90% of Ghana\u2019s bondholders approved a $13 billion debt overhaul, paving the way to emerge from its near $30 billion debt default in 2022.<\/p>\n
Last week, the IMF staff and Ghana reached an agreement on their third review of the country\u2019s $3 billion Economic Facility Credit (ECF) programme.<\/p>\n
Ghana is set to receive the fourth tranche of the IMF loan programme, worth $360 million, following a staff-level agreement.<\/p>\n
This tranche, if approved, will bring Ghana\u2019s total disbursements to US$1.96 billion dollars.<\/p>\n
The IMF\u2019s support is aimed at restoring macroeconomic stability and reducing debt vulnerabilities in the country.<\/p>\n
Moody\u2019s in July 2024 indicated to upgrade Ghana\u2019s credit rating following the country\u2019s Eurobond exchange.<\/p>\n
The New York-based firm in a statement pointed out that it has completed a periodic review of Ghana\u2019s ratings, including its long-term issuer ratings of Caa3 for local currency and Ca for foreign currency.<\/p>\n
These ratings, it said, reflect the government\u2019s ongoing debt restructuring under the G20 common framework initiated in December 2022.<\/p>\n
It further said that the restructuring of local currency debt, excluding Treasury Bills, was completed in 2023.<\/p>\n
\u201cThe restructuring of foreign currency debt, which constitutes nearly half of Ghana\u2019s total debt, has progressed significantly following announcements in June 2024 regarding a Memorandum of Understanding on official sector debt and an agreement in principle with bondholders,\u201d it said.<\/p>\n
Ghana has made notable progress in adjusting its fiscal position, with a primary fiscal balance improvement of over 4% of GDP last year.<\/p>\n
The Finance Ministry has said the government is committed to further advancing fiscal consolidation.<\/p>\n
Finance Minister, Dr. Mohammed Amin Adam, speaking during a press briefing to announce the Eurobond debt exchange last week, said the development cures Ghana\u2019s default on international bonds, paving the way for normalised financial relationships with rating agencies and international markets.<\/p>\n
\u201cIn essence, Ghana has now restructured over 90% of its eligible external debt, marking a significant milestone in its economic recovery,\u201d he said, adding \u201cthis swift action showcases the government\u2019s unwavering commitment to restoring financial and debt sustainability.\u201d<\/p>\n
\u00a0<\/p>\n
Key Benefits<\/strong><\/p>\nDr. Amin Adam said the agreement with bondholders has brought significant relief, including a 37% reduction in the nominal value of Ghana\u2019s debt, equivalent to a US$5 billion reduction, and US$4.3 billion in debt service savings during the International Monetary Fund programme.<\/p>\n
\u201cAdditionally, average interest rate on the bonded debt has decreased from over 8% to less than 5%,\u201d he said. \u201cThese clauses demonstrate Ghana\u2019s dedication to responsible debt management and transparency, aligning with international best practices.\u201d<\/p>\n
\u00a0<\/p>\n
A Daily Guide Report<\/strong><\/p>\n\n\t<\/div>\n","protected":false},"excerpt":{"rendered":"
Dr. Mohmmed Amin Adam \u00a0 US-based credit rating agency, Moody\u2019s, has upgraded Ghana\u2019s economic outlook from \u2018stable\u2019 to \u2018positive\u2019. In a statement, it alluded that the \u201cpositive outlook reflects the potential for liquidity risk to ease amid ongoing fiscal consolidation efforts supported by the International Monetary Fund (IMF). The credit rating agency also revised the […]<\/p>\n","protected":false},"author":1,"featured_media":189672,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-232205","post","type-post","status-publish","format-standard","has-post-thumbnail","category-local-news"],"yoast_head":"\n
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