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.
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
-
Trump announces trade deal with Vietnam
2 hours -
Microsoft to cut up to 9,000 jobs as it invests in AI
2 hours -
Tesla deliveries fall for second quarter in a row
2 hours -
Catherine talks candidly of ‘life-changing’ cancer treatment
2 hours -
Ugandan military helicopter catches fire in deadly Somalia crash
3 hours -
Dramatic moment Sean ‘Diddy’ Combs fell to his knees after learning his fate
3 hours -
2026 NPP Primaries: National Council decision biased, unreasonable – Addai-Nimoh
3 hours -
Qualifier Tarvet impresses but cannot shock Alcaraz
4 hours -
Ghana and India to expand cooperation in trade, agriculture, energy – Mahama
4 hours -
Your visit reaffirms our collective commitment to global peace, prosperity – Mahama tells Narendra Modi
4 hours -
Israel: A divine and historical claim rooted in scripture and truth
4 hours -
Norway fight back to beat Euro 2025 host Switzerland
4 hours -
Anabel Rose unveiled as Fresh Finds Spotify cover for June
4 hours -
Stalled Winneba-Kasoa highway sparks concerns over unpaid contractor arrears
4 hours -
‘Diddy’ denied bail after being cleared of most serious charges
5 hours