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Ghana’s latest upgrade by Fitch apt, says analyst

According to the rating agency, the upgrade of Ghana’s Long-Term Local-Currency Issuer Default Rating (IDR) follows the completion of the Domestic Debt Exchange Programme (DDEP)

Financial analyst and editor Toma Imihere has described the latest upgrade of Ghana’s Long Term Currency Issuer Default Rating (IDR) to CCC’ from ‘RD’ by Fitch as a step in the right direction.

The ratings agency has also affirmed the country’s Long-Term Foreign-Currency IDR at ‘RD’ and the Country Ceiling at ‘B-‘.

Fitch has assigned ‘CCC’ ratings to two interest-only bonds issued on completion of pension funds holdings of domestic debt exchange.

Fitch also assigned ‘CCC’ ratings to four domestic US dollar-denominated bonds issued on 4 September 2023.

According to the rating agency, the upgrade of Ghana’s Long-Term Local-Currency Issuer Default Rating (IDR) follows the completion of the Domestic Debt Exchange Programme (DDEP).

Speaking to Asaase Breakfast Show on the development on Thursday (2 November), Imihere said “It is a step in the right direction, It does show that in terms of proper key indicators, we have turned the corner.”

‘But it is going to be a very long way back, and we shouldn’t jump ahead of ourselves, CCC means that we are still not investment green.”

“However, what Fitch is saying is that, based on the structured frame of our domestic debt, Ghana is now in the position to service the debt as and when servicing obligation arises which was not the case before the DDEP,” Imihere added.

Reporting by Fred Dzakpata in Accra

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