Finance Minister Ken Ofori Atta is attributing the change in Ghana’s credit outlook by Fitch as a demonstration of confidence in the current team managing the economy. Ratings Agency Fitch last Friday, reviewed Ghana’s credit rating outlook from negative to stable explaining that the review was influenced by government’s resolve to stabilise the economy. The … Read more
Ratings agency Fitch has lauded government’s efforts in getting the economy back on track after a recent ‘crisis’ that forced the economy to seek solace in a US$918 million bailout from the International Monetary Fund (IMF). According to Fitch in a statement issued on Friday, “the country is making progress in stabilising its economy after … Read more
International ratings agency Fitch has revised the outlook on Ghana’s long-term foreign and local currency Issuer Default Ratings (IDR) from negative to stable. Fitch has also affirmed the issue ratings on Ghana’s senior unsecured foreign and local currency bonds at ‘B’, as well as the ‘BB-‘ rating on Ghana’s $1 billion partially guaranteed notes. According … Read more
The former chief executive of South Africa’s state-owned power utility is to return to the post, officials said Friday, less than five months after he resigned over a corruption scandal that rocked the government. Brian Molefe, a close ally of President Jacob Zuma, resigned from Eskom and was sworn in as a member of parliament, … Read more
A South African High Court Thursday ordered President Jacob Zuma to reveal the documents he used to justify the controversial sacking of a widely ected finance minister, sparking economic turmoil. The main opposition Democratic Alliance (DA) went to court to force Zuma to explain the shock March 30 cabinet reshuffle in which Pravin Gordhan and … Read more
China has launched perhaps its most concerted push yet to clean up a toxic brew of unregulated and risky lending increasingly viewed as a threat to global financial stability, but do authorities really mean business this time? China’s addiction to debt-fuelled growth powers the steady economic expansion that the ruling Communist Party craves, and it … Read more
A South African court has annulled initial agreements the government reached with three countries to help it build nuclear power stations. The deals with Russia, the US and South Korea were unlawful, the court ruled. The government failed to hold public hearings and a parliamentary debate over its plans, it added. Environmental groups said they … Read more
A South African court has annulled initial agreements the government reached with three countries to help it build nuclear power stations. The deals with Russia, the US and South Korea were unlawful, the court ruled. The government failed to hold public hearings and a parliamentary debate over its plans, it added. Environmental groups said they … Read more
The Chairman of the Economic Management Team, Vice President, Dr. Mahamudu Bawumia and the Finance Minister, Ken Ofori-Atta are leading a government delegation to the IMF/World Bank Spring Meetings leaving out Senior Minister ,Yaw Osafo-Marfo and Dr. Anthony Akoto Osei, Minister for Policy Monitoring and Evaluation. Although, details are sketchy, The Herald is informed that, … Read more
The Chairman of the Economic Management Team, Vice President Dr. Mahamudu Bawumia, and the Finance Minister Ken Ofori-Atta are leading a Government delegation to the IMF/World Bank Spring Meetings to be held in Washington DC, from April 18 – 28, 2017. The delegation is made up of officials from the Bank of Ghana, led by … Read more
The Chairman of the Economic Management Team, Vice President Dr. Mahamudu Bawumia, and the Finance Minister Ken Ofori-Atta are leading a Government delegation to the IMF/World Bank Spring Meetings to be held in Washington DC, from April 18 – 28, 2017. The delegation is made up of officials from the Bank of Ghana, led by the … Read more
The Chairman of the Economic Management Team, Vice President Dr Mahamudu Bawumia, and the Finance Minister Ken Ofori-Atta are leading a government delegation to the IMF/World Bank Spring Meetings being held from April 18 – 28. The delegation is made up of officials from the Bank of Ghana, led by the Governor, Dr Ernest Kwamina … Read more
The Chairman of the Economic Management Team, Vice President Dr. Mahamudu Bawumia and the Finance Minister Ken Ofori-Atta are leading a government delegation to the IMF/World Bank Spring Meetings. The delegation is also made up of officials from the Bank of Ghana led by the Governor, Dr. Ernest Kwamina Yedu Addison; the Chairman of the … Read more
Rival South African opposition parties joined forces on Wednesday when several thousand demonstrators marched through the capital Pretoria calling for President Jacob Zuma to resign. The march to Union Buildings, the official seat of government, was organised on Zuma’s 75th birthday and came after nationwide rallies against the president last week. Zuma’s recent sacking of … Read more
South Africa’s sacked finance minister on Sunday warned in a speech disrupted by ANC members that the ruling party risks losing the next general election in 2019 unless it unites. Pravin Gordhan was speaking at a memorial service held in Durban in honour of anti-apartheid icon Ahmed Kathrada. Youth members of the ruling African National … Read more
South Africa’s ruling party on Sunday said the government will have to re-think its costly and highly contentious nuclear expansion programme following last week’s relegation of the country’s creditworthiness to junk. Within days of each other the world’s two major rating agencies Fitch and Standard & Poor’s downgraded South African sovereign debt to junk status … Read more
South Africa’s President Jacob Zuma on Saturday hit out at critics within his own camp telling them not to use events such as funerals or memorial services to attack each other. Speaking himself, however, at the inauguration of a former minister’s tombstone, Zuma told colleagues not to use such events “to fight our political battles”. … Read more
Ratings agency Fitch said Friday it had cut South Africa’s credit rating to junk status, citing the recent political instability prompted by a controversial cabinet reshuffle. The agency downgraded the country’s sovereign debt rating from ‘BBB-‘ to ‘BB+’ but kept the outlook stable. It said the downgrade reflected the view that “recent political events, including … Read more
South Africa’s powerful trades union federation Cosatu has called for President Jacob Zuma to step down. Its Secretary General Bheki Ntshalintshali said he is no longer the “right person” to lead the country. Mr Zuma has been under growing pressure following a major cabinet reshuffle which included the sacking of trusted Finance Minister Pravin Gordhan. … Read more
South Africa’s powerful trade union federation Cosatu, a key coalition partner of the ruling ANC, on Tuesday called for embattled President Jacob Zuma to resign following a deeply unpopular cabinet reshuffle. Union general secretary Bheki Ntshalintshali said it was time for Zuma to “step down” after his purge last week of cabinet critics, which included … Read more