Ghana 18.10.24

·         Moody’s have upgraded Ghana’s long-term local and foreign currency issuer ratings to “"Caa2" from "Caa3" and "Ca," respectively, citing extensive debt treatment that has significantly alleviated the government's financial burdens.” https://www.reuters.com/world/africa/moodys-upgrades-ghanas-ratings-caa2-revises-outlook-positive-debt-restructuring-2024-10-11/

·         The New Patriotic Party has lost its majority in parliament as some members moved to alter their status. The elections are due to take place on the 7th December. https://www.bloomberg.com/news/articles/2024-10-17/ghana-opposition-now-majority-in-parliament-as-mps-vacate-seats

·         Ghana’s Eurobonds have risen on the second day of trading after Fitch ratings assed the notes as out of default. “New dollar bonds maturing in 2029 gained 0.4 cent to 87.78 cents on the dollar at 4:50 p.m. in London. Securities due 2037 appreciated by 1.5 cents to 42.9 cents on the dollar”. https://www.bloomberg.com/news/articles/2024-10-11/ghana-s-restructured-eurobonds-gain-on-second-day-of-trading

Hundreds of protesters marched through Accra calling authorities to act against the dangers, unlicensed gold mining within the country. https://www.reuters.com/world/africa/hundreds-march-against-ghanas-damaging-informal-gold-mining-boom-2024-10-11/