Latest news with #Cedi
First Post
10-07-2025
- Politics
- First Post
Ghana Fights Gold Smuggling, President Mahama Launches Task Force Firstpost Africa
Ghana Fights Gold Smuggling, President Mahama Launches Task Force | Firstpost Africa | N18G Ghana Fights Gold Smuggling, President Mahama Launches Task Force | Firstpost Africa | N18G Ghana, Africa's top gold producer, has waged a war against the growing smuggling of the precious metal in the country. To curb illicit trading, President John Dramani Mahama has launched a task force that will include police officials as well as soldiers. It is the first-ever national-level initiative to curb gold smuggling. It marks the President's bid to recover billions of dollars lost to illegal trading of the precious metal. Launching a stern warning for those involved in illegal exploration, President Mahama said that violators would face a hefty fine of up to 2.4 million Ghanaian Cedi ($230,000) or imprisonment of five to ten years, or both. See More
Bloomberg
03-07-2025
- Business
- Bloomberg
Ghana's Domestic Bond Yields Fall as Inflation Data Spurs Demand
Ghana's domestic bond yields extended declines on Thursday after the West African nation reported inflation dropped to the lowest in more than three years. Yields on the country's six-year cedi bond due 2029 fell 131 basis points to 18.93% at 6:05 p.m. in the capital, Accra, the lowest since Bloomberg began compiling the data. The rate on 14-year notes maturing in 2037 eased a third day by 7 basis points to 18.61%.
Bloomberg
02-07-2025
- Business
- Bloomberg
Ghana Inflation Hits Three-Year Low, Putting Rate Cut in Play
Ghana's annual inflation slowed to a more than three-year low as a stronger cedi helped curb import costs, raising pressure on policymakers to cut interest rates later this month. Consumer prices rose to 13.7% in June, compared with 18.4% the previous month, Government Statistician Alhassan Iddrisu told reporters in the capital, Accra, on Wednesday.
Business Insider
18-06-2025
- Business
- Business Insider
Fitch upgrades Ghana's credit rating to ‘B-‘; Outlook Stable
Global credit ratings agency Fitch Ratings has upgraded Ghana's Long-Term Foreign-Currency Issuer Default Rating (IDR) from 'Restricted Default' to 'B-', assigning a Stable Outlook. Ghana's credit rating has been upgraded from 'Restricted Default' to 'B-' by Fitch Ratings, with a Stable Outlook. Inflation has significantly decreased, reaching its lowest level in three years, supported by tighter monetary policies and improved currency stability. The Ghanaian economy has shown improved fiscal health, including higher gross international reserves and reduced public debt-to-GDP ratio. This significant development reflects growing investor confidence in the West African nation's economic recovery, spearheaded by Finance Minister Dr Cassiel Ato Forson. Eurobond restructuring and external debt talks drive upgrade Fitch's positive assessment follows Ghana's notable achievements in debt restructuring, particularly the successful renegotiation of $13.1 billion in Eurobond liabilities. The country has also made substantial progress in discussions with its remaining external creditors and is expected to conclude the full restructuring process by the end of 2025. The agency commended Ghana for restoring normal relations with the majority of its commercial lenders, suggesting that the country is re-establishing its financial credibility after a turbulent period. Inflation falls to three-year low as Cedi strengthens One of the most encouraging indicators highlighted in the report is Ghana's rapidly declining inflation. The rate has fallen from 23% in 2024 to 18.4% in May 2025—the lowest level recorded in over three years. Fitch projects that inflation will continue to fall, averaging 15% in 2025 and dropping further to 10% in 2026. This downward trend is being driven by a combination of tight monetary policy, prudent fiscal management, and improved currency stability. The Ghanaian cedi has seen significant appreciation in recent months, reversing earlier depreciation trends and easing pressure on import prices, including fuel. Fitch attributed the cedi's turnaround to 'renewed confidence in Ghana's macroeconomic fundamentals and coordinated interventions by the Ministry of Finance and the Bank of Ghana.' Public finances improve as debt and deficit decline Under the direction of Dr Ato Forson, the government has implemented a robust economic recovery strategy focused on fiscal consolidation, debt sustainability, and rebuilding investor trust. Key achievements under his leadership include: Public debt-to-GDP ratio Projected to fall to 60% in 2025 (from 93% in 2022) Gross international reserves Increased to $6.8 billion and rising Fiscal performance Primary surplus of 0.5% of GDP projected in 2025 Interest payments as share of revenue Down to 25% from a peak of 48% in 2021 Real GDP growth 5.7% in 2024; projected 4% in 2025 Senior officials at the Ministry of Finance attributed these improvements to 'the Finance Minister's bold and consistent policy direction', adding that the upgrade 'underscores the success of Ghana's path towards economic stability.' The upgraded rating is expected to enhance Ghana's appeal to international investors, support the revival of domestic capital markets, and alleviate fiscal pressures. Dr Forson, speaking earlier this month, reaffirmed the government's commitment to maintaining discipline: 'We are building an economy that works for everyone. This upgrade is a signal that Ghana is back on track, and we will not relent in protecting the gains we've made.' A turning point for Ghana's economy
