This site uses cookies to provide you with a great user experience. By using BondbloX, you accept our use of cookies.
Bond Market News
Ghana’s Economic Challenges Worse Than Anticipated, Says New President
February 28, 2025
Ghana’s new president, John Mahama said that the economy was worse off than he expected after an initial assessment of state-owned agencies’ debt. The Electricity Company of Ghana and the cocoa regulator, Cocobod, owe GHS 68bn ($4.4bn) and GHS 32.5bn ($2.1bn) respectively. This is in addition to Ghana’s large public debt of GHS 721bn ($46bn). Ghana will also have GHS 280bn ($18bn) of debt servicing payments to make over the next four years. Mahama has pledged to face the challenges of Ghana’s economy, including trying to set money aside in a sinking fund to ensure all bond payments are honored. Mahama has appointed a new governor for the central bank and key ministers to lead his agenda. Mahama’s administration is also in talks with the IMF to refine its current program.
Ghana’s dollar bonds are down by 0.5-0.8 points across the curve with its 5% 2029s were at 89.4, yielding 9.9%.
For more details, click here
Go back to Latest bond Market News
Related Posts:
Fitch Cuts Ghana to CCC Following S&P’s Recent Downgrade
August 11, 2022
Ghana President Rules Out Debt Haircuts as Part of Negotiations
October 31, 2022
Ghana Proposes Up to 30% Haircut on Debt to Offshore Creditors
November 25, 2022
BondbloX Pte. Ltd. is regulated by the Monetary Authority of Singapore as a Recognised Market Operator ("RMO") and exempted from Section 49(1) of the Securities and Futures Act (Cap. 289) ("SFA") under Section 49(7) of the SFA.