Ghana 06.06.24

• Following a dispute between the speaker and the president, Ghana’s parliament has reconvened since it was adjourned in March. The parliament has since approved a $150mn loan with the World Bank’s international development association. https://www.reuters.com/world/africa/ghana-parliament-recalled-urgent-business-after-lgbt-row-2024-05-17/

• Ghana has signed a MoU with its bilateral creditors to restructure $5.4bn of debt. This was a crucial step for the country to receive its next trance from the IMF. https://www.africanews.com/2024/05/25/ghana-signs-mou-to-restructure-54-billion-debt/

• Ghana expects a board review of its IMF programme in June. https://www.cnbcafrica.com/media/6353521487112/how-close-is-ghana-to-securing-deal-with-international-bondholders/

• Ghana’s central bank is holding its main interest rate at 29%. https://www.zawya.com/en/economy/africa/ghana-central-bank-holds-policy-rate-at-29-gsqjbmpn

• The country has secured a $2bn deal with the South Korean development fund. https://www.zawya.com/en/world/africa/ghana-secures-2bln-deal-with-south-korean-development-fund-finance-ministry-says-t037s2dc

• A claim has been made by an Accra-based consortium against a Ghanaian state authority seeking more than $3.7bn over the terminated concession to build and operate a port terminal.  https://globalarbitrationreview.com/article/ghana-faces-multibillion-claim-over-port-project

• Ghana’s cocoa regulator is having to borrow up to $1.5bn by September to finance their 2024/25 cocoa purchases to compensate for low output. https://www.reuters.com/markets/commodities/ghanas-cocobod-borrow-up-15-bln-202425-cocoa-purchases-sources-say-2024-05-26/