• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Economy

Concerns raised by investors over Ghana’s debt exaggerated – John Kumah

4 years ago
in Economy, highlights, Home, home-news, latest News
2 min read
0 0
0
96
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Concerns raised by investors over Ghana’s debt exaggerated – John Kumah

The Deputy Minister of Finance, John Kumah, says concerns raised by investors over Ghana’s ability to stabilise its debts have been exaggerated.

International ratings agency, Fitch, has downgraded Ghana’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘B-‘ from ‘B’ with a negative outlook.

The downgrade of Ghana’s IDRs and Negative Outlook reflect the sovereign’s loss of access to international capital markets in the second-half of 2021, following a pandemic-related [COVID-19] surge in government debt.

Fitch in a report said “this comes in the context of uncertainty about the government’s ability to stabilise debt and against a backdrop of tightening global financing conditions. In our view, Ghana’s ability to deliver on planned fiscal consolidation efforts could be hindered by the heavier reliance on domestic debt issuance with higher interest costs, in the context of an already exceptionally high-interest expenditure to revenue ratio.”

But speaking in an interview, Mr John Kumah said Ghana has been unfairly treated.

“We sincerely believe that the concerns are being exaggerated and that Ghana particularly in this instance is being unfairly downgraded especially if the basis of the downgrade or concerns being raised is about the budget.

RelatedPosts

Ghana Link Assures Stakeholders of Major ICUMS Upgrade to Address Downtime Concerns

Troubled Manchester United Boss Amorim Contemplates Future After Grimsby Debacle

African Athletes Shine in 2025 Diamond League: A Celebration of Talent

“Let us understand that this economy recovering from Covid-19 last year, has grown on an average of 5.2 per cent,” he stated.

He added that the Ghana Revenue Authority has over the years been able to raise more revenue than its target resulting in the continuous growth of the economy.

“If you check the first-quarter growth from 2021, it was 3.3 per cent. Then we did 3.9 per cent. In the third quarter, Ghana grew by 6 per cent. We don’t have the fourth quarter yet but we all know that due to the Christmas festivity, the fourth quarter will be the highest.

“So if you take the average of the three quarters there is 5.2 per cent. The growth rate target for 2021 was 5 per cent. So if you are doing 5.2 per cent, it means you are doing well. Our budget deficit for last year was 9.4 per cent which I think we did 9.5 per cent, slightly above it.

“If you look at our revenue targets, GRA was given a target of GH¢57 billion, they ended up collecting about GH¢57.3 billion. So it is an economy that is growing above 5 per cent, meeting its revenue target,” he remarked.

“We don’t see the basis for such an exaggerated concern,” he added.

According to Mr Kumah, the misunderstanding may be as a result of the impasse on government’s E-levy Bill in Parliament that seeks to widen the country’s net tax.

“Except to say that it is because of the E-levy impasse in Parliament, because of the nature of Parliamentary strength which is equal. So they are not sure about how our revenue targets are going to go in 2022, otherwise, we don’t see the very basis and the fears.”

Meanwhile, the Finance Minister, Ken Ofori-Atta has said that the Electronic Transaction Levy (e-Levy) Bill will be resubmitted when Parliament reconvenes on January 25, 2021.

Tags: Concerns raised by investors over Ghana's debt exaggerated - John KumahCovid-19Fitch Ratingsghanasovereign’s loss of access to international capital markets
No Result
View All Result

Highlights

BoG Designates Digital Credit Services as Non-Bank Financial Service

Finance Minister Urges Fairer Global Framework as Africa’s Debt Burden Hits $1.3 Trillion 

UK Pledges Support as Ghana Faces GIABA Assessment Amid Gold Sector Scrutiny

BOST Holds 2025 AGM, Tasked to Deliver Profitability and Support Green Transition

Brussels Airlines Adds 5 More A320neo Aircraft to its Fleet

Bog Governor Hints at $4bn Inflows From COCOBOD Financing Deal to Support Cedi

Trending

Business

Ghana Link Assures Stakeholders of Major ICUMS Upgrade to Address Downtime Concerns

August 29, 2025

Ghana Link Assures Stakeholders of Major ICUMS Upgrade to Address Downtime Concerns Ghana Link Network Services Ltd,...

Troubled Manchester United Boss Amorim Contemplates Future After Grimsby Debacle

August 29, 2025

African Athletes Shine in 2025 Diamond League: A Celebration of Talent

August 29, 2025
Governor of the Bank of Ghana (BoG), Dr Johnson Asiama,

BoG Designates Digital Credit Services as Non-Bank Financial Service

August 29, 2025

Finance Minister Urges Fairer Global Framework as Africa’s Debt Burden Hits $1.3 Trillion 

August 29, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.