The Magic Math of Ghana’s Debt Games

Regular readers of this page were puzzled when after weeks of projections by analysts of a final participation rate of between 60% and 65% in Ghana’s domestic debt restructuring exercise (DDE), the government triumphantly announced a “more than 80%” figure this afternoon. We shared our understanding on Twitter: the government was determined to announce a high participation […]

What Next After Ghana’s Debt “Exchange”?

Word on the street is that Ghana’s drama-filled debt restructuring/exchange program (“DDE”) saw between 60% and 65% of all eligible extant marketable government securities (simply, “bonds”) tendered in by their holders in exchange for new bonds offering lower average interest and longer average repayment tenures. Investors accepted losses of between 19% and 47% instead of the 55% […]

CSOs Review of Key Developments in the Extractive Sector in 2022

We, members of the Alliance of CSOs Working on Extractives, Anti-Corruption, and Good Governance,have reflected on major developments in the extractive sector in 2022 and their implications for thegeneral socio-economic development of the country. After careful deliberations, we have agreed toshare our key concerns with members of the media.

Ghana’s domestic debt restructuring has stalled: four reasons why

Ghana is facing multiple financial and economic challenges and has requested a US$3 billion bailout from the International Monetary Fund (IMF) to help it restore macroeconomic stability. This will include bringing public debt down to more manageable levels from the currently estimated 105% of GDP to 55% in present value terms by 2028. IMF assistance, which is yet to be approved […]

Botched Tema Gas Deal Can Cause $1.5 Billion to Ghana

During this year’s United Nations (UNFCCC) 27th Conference of the Parties (COP 27) in Egypt, Ghana’s President, Akufo-Addo, has been teaming up with colleague African presidents to push rich countries who pollute the most to release the $100 billion in climate finance promised to poor countries to help them green their economies and adapt better […]

Ghana’s Golden Gambit on Oil

Of all the motley crew of ideas the government of Ghana has churned out in recent days and weeks to deal with the country’s deteriorating public finances, none has caught fire like the decision to start buying oil with gold rather than dollars. Everyone from crypto anarchists to goldbugs is doing cartwheels trying to chip in their two […]

Ghana’s 2023 Budget: A Missed Opportunity

The leadup to Ghana’s budget presentation was filled with political drama and outsized investor expectations. On Thursday, the 24th of November, the much anticipated event finally came off, in the shadow of a World Cup fixture between Ghana and Portugal. The budget, as finally presented, has many twists and turns but on the essentials it […]

No need to be shy going to the IMF for help – Franklin Cudjoe to government

Ghana’s economy in distress, International organisations predict Ghana’s public debt stock reaches alarming levels Government has driven Ghana’s economy into debt iceberg, Franklin Cudjoe, President of policy think-tank IMANI Africa, Franklin Cudjoe has called on government to seek financial support from the International Monetary Fund (IMF). Over the past few days, notable organisations have predicted […]

Ghana’s economy not creditworthy – Bright Simons

Ghana’s creditworthiness is low compared to other African countries. The problem is due to excessive borrowing Bright Simons said foreign investors perception is also a factor Bright Simons, an honorary Vice President of IMANI Africa, has stated emphatically that, Ghana’s economy is not creditworthy, something that can lead the country into pragmatic measures if the […]