• 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 Business

Fitch Ratings Affirms Ghana’s Long-Term Local Currency Issuer Default Rating at ‘CCC’

12 months ago
in Business, Economy, Features, highlights, Home, home-news, latest News
1 min read
0 0
0
103
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Fitch Ratings Affirms Ghana’s Long-Term Local Currency Issuer Default Rating at ‘CCC’

Fitch Ratings has affirmed Ghana’s Long-Term Local-Currency (LTLC) Issuer Default Rating (IDR) at ‘CCC’.

The Long-Term Local-Currency (LTLC) Issuer Default refers to cedi-denominated bonds.

According to Fitch Ratings, the credit rating affirmation of the country’s Long-Term Local-Currency (LTLC) Issuer Default Rating (IDR) at ‘CCC’ reflects that Ghana has remained current on the ‘new’ bond payments issued on the settlement date of the domestic debt exchange programme and on LC securities issued since November 2023.

The credit rating agency in its rating commentary noted that it considers an additional restructuring of Ghana’s Local Currency-denominated debt as unlikely, given the sizeable debt service reduction the programme represented.

However, the affirmation also still reflects substantial credit risk partly due to elevated interest payments on local currency debts held by the Government.

Ghana in December 2022 launched the domestic debt exchange in a bid to deal with its spiralling debt payments defaulting on both its local and external debt service payments.

RelatedPosts

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes

GACL Terminates Evatex Revenue Assurance Contract Amid OSP Probe

Cyber Security Authority Flags Rising Mobile Data Scam, Cautions Public

The Government, since then, has managed to successfully restructure some GHS 208bn local debt through the domestic debt exchange programme in a bid to bring the country’s public debt down to more manageable levels from the then-estimated 105% of GDP to 55% by 2028.

Commenting on the country’s large fiscal consolidation measures, Fitch ratings stated, “We estimate the 2024 primary surplus, on a commitment basis, will reach 0.3% of GDP, representing a 4.6 percentage points (pp) adjustment compared with 2022, driven by a 0.6pp increase in revenue and a 4.1pp reduction in primary expenditure.”

“Despite a record of fiscal slippage in election years, we consider there is a low risk of policy slippage in the lead up to the elections due in December 2024, given the strong commitment of authorities to the IMF programme, but there is currently greater uncertainty over the degree of commitment of a new administration. We project Ghana’s primary surplus to reach 0.9% of GDP in 2026 on a commitment basis,” the agency added.

Tags: CCCcediFitch RatingsFitch Ratings Affirms Ghana's Long-Term Local Currency Issuer Default Rating at 'CCC'

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

No Result
View All Result

Highlights

Gov’t Reopens Talks With PayPal to Restore Full Service Access in Ghana

Financial Sector Assets up 34.6% in 2024 to GHS 525.59 Billion

Banking Sector Soundness Remains Robust in 2024 Amid Strong Profitability, Adequate Capital Buffers

Sha’Carri Richardson Withdraws from US Trials Following Arrest

From Singuluma to El Kaabi: Can CHAN 2024 Unleash the Next Hat-trick Hero?

Ghana to Welcome King’s Baton Relay on August 8 Ahead of 2026 Commonwealth Games

Trending

Features

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes

August 2, 2025

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes Parliament has adjourned...

GACL Terminates Evatex Revenue Assurance Contract Amid OSP Probe

August 2, 2025

Cyber Security Authority Flags Rising Mobile Data Scam, Cautions Public

August 2, 2025

Gov’t Reopens Talks With PayPal to Restore Full Service Access in Ghana

August 2, 2025
Bank of Ghana

Financial Sector Assets up 34.6% in 2024 to GHS 525.59 Billion

August 2, 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.