Ghana Archives - Page 8 of 29

16 Mar

February 2023 Inflation Slows To 52.8% To Sustain Downward Trend

wontumionlineBusinessGhana, GSS, Inflation

Year-on-year Inflation for the month of February 2023 slowed down to 52.8%, the Ghana Statistical Service has pointed out. This is a reduction from the January 2023 estimate of 53.6%, which was influenced by the fall in inflation of transportation and other non-food items. This is the second consecutive time that the rate has dropped in 20 months. In January 2023, inflation fell marginally to 53.6%, from 54.1% recorded in December 2022. Five divisions recorded inflation rates higher than the national average. They are Transport (70.3%); Furnishings, Household Equipment (69.8%); Housing, Water, Electricity, Gas and Other Fuels (69.6%); Personal care,…

08 Mar

Tullow Oil Recovers From Loss Position To Record $49m Profit In 2022

wontumionlineBusinessGhana, Rahul Dhir, Tullow Oil

Tullow Oil recovered from its loss position in 2021 to record a profit of $49 million in 2022. The oil giant lost $81 million in 2021. Data published by the oil exploration indicates that the company’s gross profit reached $1.086 billion in 2022. This is compared with $647 million recorded in 2021. Details of the 2022 earnings The company’s revenue also went up by 40% to $1.7 billion. This included the hedge cost of $319 million. Tullow Oil CEO on 2022 profit and operations Commenting, the Chief Executive Officer of Tullow Oil, Rahul Dhir, noted that a high focus on…

08 Mar

Investors Demand Insurance Payment On Ghana’s Eurobond After Default

wontumionlineBusinessEurobond, Ghana

A panel of investors and banks has ruled Ghana’s missed coupon payments on its foreign denominated bonds counts as a failure-to-pay event, paving the way for a payout of the default-insurance contracts tied to the country’s debt. The Credit Derivatives Determinations Committee (CDDC) made the decision at a meeting held on Monday, March, 6, 2023, according to a notice on the panel’s website on Friday, March 3, 2023. Ghana skipped payment of interests on January 18, 2023 of a $1 billion Eurobond maturing in 2026. The missed payment triggered a 30-day grace period, which eventually expired at the end of…

02 Mar

Vessel Carrying Russian Crude Oil To Ghana Loaded From Kazakhstan Port

wontumionlineBusiness, NewsBlack Se, Ghana, Kazakhstan, National Petroleum Authority (NPA), Platon Gas Oil Ghana Limited, Russia, Russian crude oil

Official documents seen by JOY NEWS show that the vessel alleged to have shipped 600,000 barrels of Russian crude oil to Ghana had its port of loading in Kazakhstan. Bloomberg first broke the story and tracked the vessel, MT Theseus “from a port in the Black Sea”. JOY NEWS can now confirm the exact port of loading was Aktau, Kazakhstan. Aktau, is a small city located on the eastern shore of the Caspian Sea with a port which had been expanded to receive and export larger and more diverse types of cargo notably, crude oil. According to the United States…

02 Mar

Our Meetings With Chinese Delegation Progressing Well, Fruitful – Finance Ministry

wontumionlineBusinessChina, Ghana, ministry of finance

The Ministry of Finance has said that the government’s meetings with the Chinese delegation from EXIM Bank China are progressing well. In a statement on its website, it said discussions have so far been highly cordial and fruitful. The Chinese delegation ended a 3-Day mission to engage the Government of Ghana, following a request for the restructuring of Ghana’s $1.9 billion indebtedness to China. Joy Business understands that the two governments have exchange data with discussions being held at the technical level, on the parameters of an effective debt treatment. The government is believed to be seeking among other reliefs,…

28 Feb

Economy To Rebound To 5% Bracket From 2024 – S&P

wontumionlineBusinessEconomy, GDP, GDP per capita, Ghana

Ghana’s economy is expected to rebound to the 5% bracket from 2024. According to ratings agency, S&P, the economy will expand by 5.1% in 2024 and further to 5.4% and 5.5% in 2025 and 2026 respectively. The rating agency, however, affirmed its 3.0% Gross Domestic Product growth rate for Ghana in 2023, slightly higher than the government’s forecast of 2.8%. For the size of the economy, S&P projected about $68 billion in 2023, same as 2022. The size of the economy is also estimated at $67 billion in 2024 and 2025 respectively. From a high of $79 billion dollars in…

27 Feb

We Could Raise Ghana’s Rating If There Is More Pronounced Economic Recovery – S&P

wontumionlineBusinessGhana, Ghana's Extended Credit Facility (ECF), S&P Global

Rating agency, S&P Global has indicated to raise Ghana’s long-term local currency over the next 12 months following a track record of successful execution under the Ghana’s Extended Credit Facility (ECF). In its upside assessment of the outlook of the Ghanaian economy, it said it could raise Ghana’s rating if there is a more pronounced economic recovery, and a strengthening of balance-of-payments performance that supports stronger fiscal and external outcomes, taking pressure off the government’s financing needs and improving debt sustainability. On the downside risk, S&P said it could lower the local currency rating over the next 12 months if…

21 Feb

Fitch Downgrades Ghana Again To ‘Restricted Default’ After Failing To Pay $40.6m Coupon

wontumionlineBusinessDDEP, Ghana

Ratings agency, Fitch, has downgraded Ghana’s Long-Term Foreign-Currency (LTFC) Issuer Default Rating (IDR) to ‘RD’ (Restricted Default) from ‘C’ after the country missed the grace period to make a coupon payment ($40.6 million) on one of its Eurobonds. Fitch typically does not assign Outlooks to sovereigns with a rating of ‘CCC+’ or below. Fitch also downgraded the rating of the country’s $1 billion Eurobond maturing on January 18, 2026 to ‘D’ from ‘C’ and withdrawn its rating. It affirmed all the long-term senior unsecured foreign-currency-denominated issue ratings at ‘C’ and withdrawn their ratings. It also affirmed the partially-guaranteed $1 billion notes…

15 Feb

Fitch Downgrades Ghana’s Creditworthiness To Deeper Junk Status; Assigns ‘Restricted Default’ To Government Bonds

wontumionlineBusinesscreditworthiness, fitch, Ghana, local-currency denominated debt, partially guaranteed notes

International ratings agency, Fitch Ratings, has downgraded Ghana’s creditworthiness to further junk status. In its latest report on Ghana, it said “Fitch Ratings downgraded Ghana’s Long-Term Local Currency (LC) Issuer Default Rating (IDR) to Restricted Default (RD) from ‘C'”, it stated. It attributed the downgrade to the decision by government to embark on the debt exchange programme and the recent default on local bonds that matured on February 6, 2023 and another one which is due for payment this week. “The downgrade of Ghana’s local-currency denominated debt follows the completion of a domestic debt exchange offer by the Republic of Ghana.…

10 Feb

Ghana Risks Investor Revolt; South African’s Foreign Minister Kicks Against ‘Back Tax’

wontumionlineBusiness‘back tax’ penalties, Foreign Minister, Ghana, GRA, South African

Ghana risks investor revolt as it seeks to raise more money from ‘back tax’ penalties. This is coming after South African Foreign Minister, Naledi Pandor, according to Bloomberg, warned that South African companies operating in countries where they had faced challenges disinvested, damaging their economies. The Ghana Revenue Authority had imposed ‘back tax’ penalties on MTN, Tullow, Goldfields and Kosmos Energy. But the companies have all indicated their positions to contest the claims by the GRA. However, the GRA advised the multinational companies contesting the imposition of the ‘back tax’ penalties to use internal systems designed to address the issues…