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
-
3 in 4 voters rate Dampare’s performance very high during 2024 election
6 minutes -
Weija-Gbawe MP urges urgent action on flooding in Accra
17 minutes -
I was surprised to have started against Madagascar – Jerome Opoku
35 minutes -
It would’ve been helpful to receive initial comments from CJ on her removal – Dr Osae Kwapong
46 minutes -
Adhering to transparency in CJ removal case enhances trust in judiciary – Dr Osae Kwapong
1 hour -
BoG surprises with first rate hike since July 2023
1 hour -
Marina Mall to host grand Eid-ul-Fitr celebration on March 31
2 hours -
It is frightening to think the CJ can be suspended – Nana Baffour Awuah
2 hours -
Presidency erred in publicising petition on CJ removal – NPP MP
2 hours -
CJ’s removal brouhaha: The initial error came from President – Baffour Awuah
2 hours -
President’s role in appointing committee in petition against CJ must be reviewed – Ayikoi Otoo
3 hours -
Indian mural that spent decades on Norwegian hospital wall sells for record $13.8m
3 hours -
MFWA lunches strategy document to promote gender equality in the media
3 hours -
Ayikoi Otoo says fake news worrying in the CJ removal issue
3 hours -
Academy apologises for statement on Palestinian Oscar winner attack
3 hours