Ghana’s government has written off half of the 77.6 billion cedis ($7 billion) it owed to the central bank and replaced the remainder with a lower yielding, 15-year bond, three sources with direct knowledge of the transaction told Reuters.
The Minister for Foreign Affairs and Regional Integration, Madam Ayorkor Botchwey has urged Israeli business community to explore the conducive business environment and forge partnerships with Ghanaian business community for mutual benefits.
As the highly anticipated 2023 mid-year fiscal policy review approaches, the Ghanaian government exudes unwavering confidence in its ability to maintain economic stability and foster growth without resorting to a supplementary budget, according to well-placed sources.
The Bank of Ghana (BoG) remains committed to maintaining a managed floating exchange rate regime with minimal interventions by the central bank, its Governor Dr. Ernest Addison has said – noting that it represents the most ideal framework for the domestic economy’s growth and stability needs at this stage of its development.
Ghana’s central bank is poised to look past a recent quickening in inflation and keep interest rates on hold on expectations that it’s likely to be short-lived, a pause that would give policymakers time to evaluate the impact of Finance Minister Ken Ofori-Atta’s mid-tern budget review.