{"id":236900,"date":"2024-10-22T11:43:23","date_gmt":"2024-10-22T11:43:23","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/10\/22\/fitch-predicts-huge-ghana-budget-shortfall\/"},"modified":"2024-10-22T11:43:23","modified_gmt":"2024-10-22T11:43:23","slug":"fitch-predicts-huge-ghana-budget-shortfall","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/10\/22\/fitch-predicts-huge-ghana-budget-shortfall\/","title":{"rendered":"Fitch predicts huge Ghana budget shortfall"},"content":{"rendered":"

<\/p>\n

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\"Ratings Ratings firm, Fitch Solutions<\/span><\/span><\/p>\n<\/div>\n

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Budget shortfalls are expected to be significant in Ghana, Uganda, and Nigeria, according to a report by Fitch Solutions.<\/p>\n

The UK-based firm, in an article titled “Return To International Capital Markets Belies Persistence Of Fiscal Risks In Sub-Saharan Africa,” stated that many governments across the region will continue to rely on domestic and external borrowing to cover fiscal deficits in 2025.<\/p>\n

This comes as Sub-Saharan Africa experiences mixed progress in fiscal consolidation.<\/p>\n

The report highlighted that high debt servicing costs, driven by tight external and domestic financial conditions since 2022, will keep exerting pressure on government spending.<\/p>\n

Efforts to reduce deficits through tax measures are likely to face challenges due to structural revenue constraints.<\/p>\n

Domestic yields remain elevated, despite a gradual shift towards monetary easing in the region.<\/p>\n

In the second quarter of 2024, the quarterly GDP-weighted average of SSA’s 10-year government bonds reached 12.63%, surpassing the previous peak of 12.62% seen in the final quarter of 2022 after Russia\u2019s invasion of Ukraine and the subsequent tightening of global financial conditions.<\/p>\n

The spread between SSA bonds and US 10-year Treasuries also widened, reflecting domestic challenges, including monetary tightening in Nigeria and election-related volatility in South Africa.<\/p>\n

By the fourth quarter, yields remained high in countries like Nigeria and Kenya, driven by ongoing monetary tightening and heightened political risks.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Ratings firm, Fitch Solutions Budget shortfalls are expected to be significant in Ghana, Uganda, and Nigeria, according to a report by Fitch Solutions. The UK-based firm, in an article titled “Return To International Capital Markets Belies Persistence Of Fiscal Risks In Sub-Saharan Africa,” stated that many governments across the region will continue to rely on […]<\/p>\n","protected":false},"author":1,"featured_media":222576,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-236900","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"\nFitch predicts huge Ghana budget shortfall - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2024\/10\/22\/fitch-predicts-huge-ghana-budget-shortfall\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fitch predicts huge Ghana budget shortfall - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"Ratings firm, Fitch Solutions Budget shortfalls are expected to be significant in Ghana, Uganda, and Nigeria, according to a report by Fitch Solutions. 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