\n
By Francis Ntow\u00a0<\/p>\n
Accra, Oct 14, GNA \u2013 Global ratings agencies, Fitch and Moody\u2019s have sparked confidence in Ghana\u2019s Long-Term Local-Currency (LTLC), raising the country\u2019s credit ratings from the previous ones.\u00a0<\/p>\n
While Fitch upgraded the country\u2019s Long-Term Local-Currency Issuer Default Rating (IDR) from \u2018CCC\u2019 to \u2018CCC+\u2019, Moody\u2019s raised the ratings from the previous levels of \u2018Caa3\u2019 and \u2018Ca to \u2018Caa2.\u2019\u00a0<\/p>\n
The upgrade was driven by the country\u2019s extensive\u202fdebt restructuring, including the recently completed Eurobond exchange, the two ratings agencies said, noting that the process had eased the government\u2019s financial pressures.\u00a0<\/p>\n
Regarding outlook, Fitch noted that it typically did not assign outlooks to IDRs of sovereigns with a rating of \u2018CCC+\u2019 or below, while Moody\u2019s shifted the country\u2019s outlook from \u2018stable\u2019 to \u2018positive.\u2019\u00a0<\/p>\n
\u201cThe upgrade of Ghana\u2019s LTLC IDR to \u2018CCC+\u2019 reflects our increased confidence that the likelihood of another default on Ghana\u2019s LC debt is being reduced with the completion of the Eurobond restructuring, as this further unlocks access to concessional international finance,\u201d Fitch noted.\u00a0<\/p>\n
\u201cThe \u2018positive outlook reflects the potential for liquidity risk to ease amid ongoing fiscal consolidation efforts supported by an International Monetary Fund (IMF) programme,\u2019 Moody\u2019s said in a statement last Friday.\u00a0<\/p>\n
Earlier this month, Dr Mohammed Amin Adam, Ghana\u2019s Finance Minister, indicated that the country would resume the payment of debt owed its Eurobond holders, following the successful completion of its US$13 billion external debt.\u00a0<\/p>\n
It also came on the backdrop of the country reaching an agreement with the Staff Mission of the IMF on the third review of its ongoing Extended Credit Facility (ECF), of which the external debt restructuring forms a major part.\u00a0<\/p>\n
This is to help in Ghana\u2019s recovery from a near US$30bn debt default in 2022, as the restructuring\u202fis expected to cut\u202fGhana\u2019s debt by $4.7bn and offer cash flow relief worth $4.4bn during the IMF programme.\u00a0<\/p>\n
\u201cBy the 98 per cent we\u2019ve achieved, we\u2019ve all consented to the exchange, but the actual exchange will take place over the next two weeks, and once we exchange, it means that we can start servicing our debts,\u201d he said.\u00a0<\/p>\n
\u201cWe\u2019ll not service at the levels we\u2019d have done because of the reduction in the interest rate and principal\u2026 with the Official Bilateral Creditors, the servicing of the debt has been postponed until after 2028,\u201d he added.\u00a0<\/p>\n
Ghana\u2019s economy has shown signs of recovery, with growth hitting 6.9 per cent in the second quarter of 2024, the highest in five years, the Ghana Statistical Service (GSS) has noted.\u00a0<\/p>\n
At the end of its two-week long third review of Ghana\u2019s programme, Mr Stephane Roudet, Mission Chief for Ghana stated that the country\u2019s economic growth in the first half of 2024 was much higher than initially envisaged.\u00a0<\/p>\n
GNA\u00a0<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"
By Francis Ntow\u00a0 Accra, Oct 14, GNA \u2013 Global ratings agencies, Fitch and Moody\u2019s have sparked confidence in Ghana\u2019s Long-Term Local-Currency (LTLC), raising the country\u2019s credit ratings from the previous ones.\u00a0 While Fitch upgraded the country\u2019s Long-Term Local-Currency Issuer Default Rating (IDR) from \u2018CCC\u2019 to \u2018CCC+\u2019, Moody\u2019s raised the ratings from the previous levels of […]<\/p>\n","protected":false},"author":1,"featured_media":220839,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"class_list":["post-232385","post","type-post","status-publish","format-standard","has-post-thumbnail","category-top-news"],"yoast_head":"\n
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