Joy Business News

News from the world of business.

News from the world of business.

Rating agency, Fitch, has affirmed Ghana's Long-Term Foreign-Currency (LTFC) Issuer Default Rating (IDR) at 'RD' and Long-Term Local-Currency (LTLC) Issuer Default Rating (IDR) at 'CCC'.It typically does not assign Outlooks to sovereigns with a rating of 'CCC+' or below.

News from the world of business.

Economist, Prof. Godfred Bokpin has pointed out that the country may not be able to fund priority sectors of the economy when the country exits the International Monetary Fund (IMF) programme in 2026 due a debt obligation of over ₵130 billion that will be reactivated. Prof. Bokpin warned that the situation could lead to a sharp cut in investment to the agriculture sector, while independent power producers are denied payment if government intends to honour it debt servicing.

The prices of petroleum products are expected to fall between 2% and 4% for petrol, diesel, and Liquefied Petroleum Gas, beginning tomorrow August 1, 2024. This follows the slowdown in the depreciation of the Ghana cedi during the second half of July 2024 and the favourable international market dynamics.

News from the world of business.

News from the world of business.

The Ghana cedi has depreciated by about 19.6% to the US dollar on the interbank forex market as of July 2024, the Bank of Ghana has disclosed This is lower than the about 21% loss in value to the American greenback on the retail market.

Economist, Dr. Theo Acheampong is of the view that exchange rate volatilities could cause government to miss its end of year inflation target of 15 percent. Analysing some of the revised macro-targets in the Mid-Year Budget Review, he expressed optimism that the country may be able to achieve the Overall Real GDP Growth rate which has been revised upwards from 2.8 percent to 3.1 percent but could miss the inflation target.