• 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

Ghana’s economy shows strong growth prospects – Finance Ministry

4 years ago
in Economy, Editor's pick, highlights, Home, home-news, latest News
2 min read
0 0
0
114
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Ghana’s economy shows strong growth prospects – Finance Ministry

Credit ratings of B3 and B- of Ghana’s economy by Moody’s Investor Services and Standard & Poor, the Finance Ministry says is an affirmation of the country’s strong economic growth prospects.

According to the Finance Ministry, the two credit rating agencies in rating the country considered Ghana’s improving growth prospects, resilient external sector performance, and continued access to the capital markets (domestic and international) as essential factors in maintaining the rating and the outlook.

Asserting that notably, the two rating agencies recognized the efforts of Government to “build back better” through the innovative Ghana CARES (Obaatanpa) Programme.

“Furthermore, both credit rating agencies acknowledge that Ghana’s economy is recovering from the effects of the pandemic faster than its peers. Hence, the need to focus more on growth and the implementation of the Ghana CARES Programme,” stated the Ministry.

The Ministry in a communique published on its website on the credit ratings remarked that, “S&P, in particular, maintained Ghana’s rating on the back of the growing economic prospects and the relatively transparent and responsive political institutions. The stable outlook balances risks from fiscal and external financing pressures against the country’s medium-term economic growth prospects.

“Understandably, both credit rating agencies raised some concerns about Ghana’s debt affordability and levels. The government, however, is committed to debt sustainability and fiscal consolidation. As such, between 2019 and 2021, the government has undertaken various liability management measures to proactively reduce the external debt stock and the interest expense burden. As a result, the government bought back and retired over US$900m worth of Eurobonds which has reduced the external debt stock significantly.

RelatedPosts

MTN Nigeria Now the Most Capitalized Stock in Nigeria

Nigerian Stock Market Creates Largest Pool of Billion-Dollar Stocks in 2025

OPEC+ Nears Decision Point on Next Oil Output Hike

“On the domestic front, Government continues to conduct active liability management. This year alone, an amount of GH¢4.84 billion has been used for domestic liability management, which involves the buy-back of 3-yr and 5-yr bonds. This has reduced the refinancing and rollover risks and interest cost inherent in the public debt portfolio. Our strategy has also positively impacted the interest rates on the primary and secondary securities markets.

“This Ministry will like to assure the general public that Government is doing its possible best to vaccinate the majority of adult Ghanaians in order to achieve herd immunity, a need that has become even more imperative with the seeming third wave upon us. To this end, Ghana is in constant talks with the African Vaccination Acquisition Trust (AVAT) for the supply of 17 million Johnson and Johnson doses. 

Read This: Trading community welcomes freeze on freight rates by CMA CGM

“Ghana is among the 27 African countries that have made the initial deposit and completed the legal requirements, readiness checklist and emergency use authorization required. The first batch of the vaccine is expected this month under the programme.

“As previously stated in numerous publications and media interactions, the primary aim of the government of Ghana, especially during the onset of the Pandemic, was to save lives and livelihoods. As such, the government has implemented various life-saving initiatives and interventions in 2020/21 to protect the general population against the pandemic’s adverse social and economic effects.

“These interventions led to significant unbudgeted expenditures and elevated debt levels. However, Ghana’s economic fundamentals remain strong despite these interventions, and recovery prospects are high. This is reflected in the positive narrative by both rating agencies and other organizations such as the IMF, on how well Ghana has managed the economy under the Pandemic.

“In addition, Ghana’s medium-term plan is underpinned by a robust strategy to safeguard growth beyond 5% over the medium term, return to the fiscal path of under a 5% of GDP fiscal deficit and attain a positive primary balance by 2024.

“We will sustain our progress and accelerate this through the GHS 100 billion Ghana CARES transformation program within the general policy framework of Ghana Beyond Aid and certainly beyond the pandemic.”

Source: Finance Ministry
Tags: COVID-19 pandemicghanaMoody's Investor Services and Standard & Poor
No Result
View All Result

Highlights

Europe’s Energy Future Hinges on Global Powers

US Companies Cut Investments in China to Record Lows, Here’s Why

How AI is Rewriting and Enhancing Water Risk Management

SheFarms Broiler Edition Kicks Off in Greater Accra

PharmAccess Ghana, Healthcare Federation of Ghana sign SafeCare License Agreement; to use Newest ISQua-Certified Version 5

Tanzania Sink Burkina Faso to Delight Home Crowd In TotalEnergies CHAN 2024 Opener

Trending

Features

MTN Nigeria Now the Most Capitalized Stock in Nigeria

August 3, 2025

MTN Nigeria Now the Most Capitalized Stock in Nigeria MTN Nigeria has surged to become the most...

Nigerian Stock Market Creates Largest Pool of Billion-Dollar Stocks in 2025

August 3, 2025

OPEC+ Nears Decision Point on Next Oil Output Hike

August 3, 2025

Europe’s Energy Future Hinges on Global Powers

August 3, 2025

US Companies Cut Investments in China to Record Lows, Here’s Why

August 3, 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.