Ghana 09.08.24

·         Ghana’s cocoa sector is facing long-term threat from a worsening swollen shoot disease. The crop has fallen to a 20 year low. The endemic is getting worse rather than getting better. https://www.reuters.com/world/africa/cocoa-swollen-shoot-disease-worsening-ghana-poses-long-term-threat-2024-08-08/

·         Ghana has received $155mn to help restore the degraded coastal areas. https://apanews.net/world-bank-supports-155m-restoration-of-ghanas-degraded-coastal-areas/

·         Fitch has confirmed Ghana’s rating as “RD”. This indicates Ghana is still defaulting on its Eurobonds. The rating agency did note that the country has made some headway in its restructuring process. https://www.modernghana.com/news/1332207/fitch-confirms-ghanas-rd-rating-amid-ongoing.html#google_vignette

·         The bank of Ghana is set to cut the policy rate to 27% by the end of the year. This is higher than its projection of 25%. https://www.myjoyonline.com/bog-to-cut-policy-rate-to-27-by-end-2024-fitch-solutions/