Finance Minister, Ken Ofori-Atta
S&P Global downgraded Ghana’s long-term local currency bonds to “selective default” and cut the country’s foreign currency debt to “CC” from “CCC-plus,” with default a “virtual certainty,” the ratings agency said in a Tuesday statement.
S&P said Ghana’s proposed local debt swap is a “distressed exchange offer,” earning those bonds the “selective default” rating, while the foreign currency bonds downgrade responds to the government’s announced plans to restructure that debt.
Ghana’s parliament on Tuesday narrowly approved the proposed 2023 budget, overcoming resistance from opposition lawmakers over the inclusion of the debt exchange and a higher value-added tax.
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Latest Stories
-
Stampede in southwestern Nigerian city causes multiple deaths
8 minutes -
Tens of thousands without water in Mayotte as curfew brought in
21 minutes -
ORAL: We won’t witch-hunt, we’ll focus on transparency, not revenge – Ablakwa
44 minutes -
Attempted robbery: Accused claims he carried cutlass for protection
1 hour -
Excavator operator jailed for stealing
1 hour -
African fans age-shame me for putting on some outfits – Tiwa Savage
1 hour -
Embattled Liberian speaker questioned by police over parliament fire
3 hours -
‘I won’t be a judge in my own court; ORAL is about protecting public purse’ – Ablakwa
3 hours -
Bawumia joins thousands in Kumasi for burial prayers for Ashanti Regional Imam
3 hours -
Blue Gold Bogoso Prestea Limited challenges government actions in court
4 hours -
Verdicts due for 51 men in Pelicot mass rape trial that shook France
4 hours -
Syria not a threat to world, rebel leader Ahmed al-Sharaa tells BBC
4 hours -
Patrick Atangana Fouda: ‘A hero of the fight against HIV leaves us’
5 hours -
Trinity Oil MD Gabriel Kumi elected Board Chairman of Chamber of Oil Marketing Companies
5 hours -
ORAL campaign key to NDC’s election victory – North America Dema Naa
6 hours