Ghana 05.12.24

·         The IMF has revealed that Ghana is on track to achieve a surplus of .5% of GDP on a commitment basis. This was announced after the IMF completed their third review of Ghana’s agreement. https://www.myjoyonline.com/ghanas-fiscal-performance-on-track-to-achieve-primary-surplus-of-0-5-of-gdp-imf/

·         A group of commonwealth observers have landed in Ghana ahead of the general election this weekend.  They will remain in Ghana until the 14th of December. https://thecommonwealth.org/events/elections-2024-commonwealth-observer-group-ghana

·         The IMF has approved Ghana’s next tranche of $360million following the third review being approved earlier this week. The IMF described Ghana’s performance as “generally satisfactory”. https://www.reuters.com/world/africa/imf-approves-third-review-ghanas-3-billion-programme-finance-minister-says-2024-12-02/

·         Consumer prices rose 23% in November, up from 22.1% in October. https://www.bloomberg.com/news/articles/2024-12-04/ghana-inflation-quickens-to-six-month-high-before-elections

·         Fitch has expressed concern that Ghana will face significant liquidity pressures in 2025 and 2026. The interest rate revenue ratio is estimated for 29% in 2025 and 30% in 2026. https://www.myjoyonline.com/ghana-to-face-liquidity-pressures-in-2025-2026-despite-restructuring-most-of-its-debt-fitch/

·         Amin Adam assured Ghanaians that those impacted by losses linked to the restructuring program will have their losses recovered by the end of 2026. https://www.gbcghanaonline.com/news/business/debt-amin-adam-ghana/2024/

·         “Ghana's creditors approve early repayment of all outstanding energy bonds issued by Esla Plc, totalling 6.4 billion cedis ($414 million). Bondholders agree to modify maturity and interest payment dates to Dec. 2, 2024, ahead of President Nana Akufo-Addo's term end in 2025. Ghana completes debt restructuring effort, reworking over 60% of its $49 billion public debt, qualifying for an IMF bailout” https://dabafinance.com/en/news/ghanas-creditors-agree-to-early-repayment-of-energy-bonds

·         Ghana’s finance ministry has said they anticipate re-entering the domestic bond market in 2025. https://www.reuters.com/markets/rates-bonds/ghanas-battered-local-bond-market-casts-shadow-over-growth-rebound-2024-11-26/