• 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 faces possible debt default – Fitch Ratings

3 years ago
in Economy, Features, highlights, Home, home-news, latest News
1 min read
0 0
0
74
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Ghana faces possible debt default – Fitch Ratings

Mahin Dissanayake, a Senior Director at Fitch Ratings, has warned Ghana of a possible sovereign debt default.

According to him, debt default is a real possibility for Ghana.

Making the assertion at a press briefing, Mr. Dissanayake noted that, reports indicating that Ghana is planning to restructure its local currency debt as part of an IMF deal is “highly unusual” and that such a plan is likely to cause significant problems for local banks.

“Ghanaian banks hold large volumes of government securities, so debt distress is going to put a lot of stress on the banks, the operating environment is looking very fragile,” he said.

“We estimate that if there was a 30% haircut, that would make at least several banks insolvent.

“It’s not just the banking sector that would be affected but also insurance companies, pension funds, asset managers – anyone who holds government securities,” he added.

RelatedPosts

CAL Bank’s Total Assets Drop by GHS 1.42bn in Q3 2025; CAR Remains Below Regulatory Threshold

Former First Lady Nana Konadu Agyeman-Rawlings Passes Away at 77

GFA President Commends Ghanaian Media, Calls For Continued Collaboration to Advance Football Development

According to data from the Bank of Ghana, Ghana’s public debt stock has more than doubled since 2015, steadily climbing from 54.2% of Gross Domestic Product to 76.6% at the end of 2021.

Interest payments have been the government’s largest annual expense since 2019. The country is expected to pay about 41 billion as interest payments in 2022.

Investors demand a premium of 2,196 basis points over US Treasuries to hold Ghana’s Eurobonds, compared with an average of 875 for African issuers.

Similarly, Ghana’s sovereign dollar-denominated bonds dropped as much as 1.6 cents in the dollar on Wednesday, September 21, 2022 with debt maturing in 2025 and 2026 suffering the biggest declines, Tradeweb data showed.

However, much of the losses occurred in early trading, with investors ditching riskier assets in favour of safe havens amid rising tensions between the West and Russia.

Also, the cost of insuring Ghana’s debt against non-payment using credit-default swaps has soared to almost 5,000 basis points, from less than 1,000 in January 2022.

Tags: Debt defaultghanaGhana faces possible debt default – Fitch RatingsIMF
No Result
View All Result

Highlights

Africa Loses $5bn Annually to Forex Transactions, Says AfCFTA Secretariat

World Bank Unveils IFC2030 Strategy to Boost Private Capital and Job Creation

Domestic Debt Surpasses External Debt for the First Time in Years

Aliko Dangote Becomes the First African to hit the $30 Billion Mark

GoldBold Opens Licensing for Jewellery, Fabrication and Refinery

IMF Managing Director Appoints Christian Mumssen as Director of the Strategy, Policy, and Review Department

Trending

Banking & Finance

CAL Bank’s Total Assets Drop by GHS 1.42bn in Q3 2025; CAR Remains Below Regulatory Threshold

October 23, 2025

CAL Bank’s Total Assets Drop by GHS 1.42bn in Q3 2025; CAR Remains Below Regulatory Threshold A...

Former First Lady Nana Konadu Agyeman-Rawlings Passes Away at 77

October 23, 2025

GFA President Commends Ghanaian Media, Calls For Continued Collaboration to Advance Football Development

October 23, 2025

Africa Loses $5bn Annually to Forex Transactions, Says AfCFTA Secretariat

October 23, 2025

World Bank Unveils IFC2030 Strategy to Boost Private Capital and Job Creation

October 23, 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.