Latest news with #JohnMahama
TimesLIVE
3 days ago
- Business
- TimesLIVE
Surge in cedi currency eases Ghana's foreign debt burden
Ghana's cedi currency has jumped more than 40% versus the US dollar this year, far outperforming its African and emerging market peers, shrinking the cost of the country's foreign debt and giving it more fiscal breathing room. The rally, which has surprised some investors, is another much-needed boost for the West African nation as it claws its way back from debt default and a punishing economic crisis. In all the cedi has gained 42% against the dollar since January, changing hands near 10.20 to the greenback on Wednesday morning according to LSEG data. "We have reduced our total debt over the last five months by almost 150-billion cedis [R260.78bn] which is very significant," Ghanaian President John Mahama told a session during the African Development Bank annual meeting in Abidjan this week, citing the cedi strength. "If that trajectory continues, the target of reaching 55-58% debt sustainability by 2028 will be reached by the end of this year. And that means that it begins to give us fiscal space to begin to invest in the most productive sectors of the economy." While the dollar has also been under pressure this year, the cedi's performance stands in stark contrast to other African currencies. Investment bank JPMorgan, in a note to clients, said the gold windfall — with prices having chalked up 28 record highs by April — was a tailwind for the cedi. Tellimer's Hasnain Malik, in a note, said the country's on-track International Monetary Fund (IMF) programme, as well as restrictive monetary policy, have also helped the "extraordinary spike". Lutz Röhmeyer, head of portfolio management at Capitulum Asset Management, said local Ghanaian holders of dollar debt exchanging their money back into cedis was also helping the gains. On Monday Ghana's central bank governor Johnson Asiama, speaking at the Ghana CEO Summit in Accra, said the central bank had not used its own reserves to support the cedi. He cited tight monetary policy, cleaner FX auctions and stronger remittance flows. But Malik and Röhmeyer each warned that the rally may not last. "There are reasons for caution after this spike," Malik wrote in the Tellimer note, citing drops in oil and cocoa prices, IMF forecasts that implied a coming depreciation.
See - Sada Elbalad
4 days ago
- Business
- See - Sada Elbalad
Ghana's Cedi Jumps more than 40% against the US dollar
Taarek Refaat Ghana's cedi has jumped more than 40% against the US dollar this year, far outperforming its African and emerging market peers, reducing the country's external debt burden and giving it more fiscal breathing room. MarketScreener reported today that the rally, which surprised some investors, represents another much-needed boost for the West African nation as it works its way back from a debt default and economic crisis. In total, the cedi has risen 42% against the dollar since January, trading near 10.20 to the dollar on Wednesday morning. "We have reduced our total debt over the past five months by about 150 billion cedis, which is very significant," Ghanaian President John Mahama said during a session during the annual meeting of the African Development Bank in Abidjan this week, citing the strength of the cedi. If this trajectory continues, the target of reaching 55-58% debt sustainability by 2028 will be achieved by the end of this year, which means it begins to give us fiscal space to start investing in the most productive sectors of the economy.' read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Egypt confirms denial of airspace access to US B-52 bombers News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies
Zawya
4 days ago
- Business
- Zawya
Surge in cedi currency eases Ghana's foreign debt burden
Ghana's cedi currency has jumped more than 40% versus the U.S. dollar this year, far outperforming its African and emerging market peers, shrinking the cost of the country's foreign debt and giving it more fiscal breathing room. The rally, which has surprised some investors, is another much-needed boost for the West African nation as it claws its way back from debt default and a punishing economic crisis. In all the cedi has gained 42% against the dollar since January, changing hands near 10.20 to the greenback on Wednesday morning according to LSEG data. "We have reduced our total debt over the last five months by almost 150 billion cedis which is very significant," Ghanaian President John Mahama told a session during the African Development Bank annual meeting in Abidjan this week, citing the cedi strength. "If that trajectory continues, the target of reaching 55-58% debt sustainability by 2028 will be reached by the end of this year. And that means that it begins to give us fiscal space to begin to invest in the most productive sectors of the economy," he said. While the U.S. dollar has also been under pressure this year, the cedi's performance stands in stark contrast to other African currencies. Investment bank JPMorgan, in a note to clients, said the gold windfall - with prices having chalked up 28 record highs by April - was a tailwind for the cedi. Tellimer's Hasnain Malik, in a note, said the country's on-track International Monetary Fund programme, as well as restrictive monetary policy, have also helped the "extraordinary spike". Lutz Röhmeyer, head of portfolio management at Capitulum Asset Management, said local Ghanaian holders of U.S. dollar debt exchanging their money back into cedis was also helping the gains. On Monday, Ghana's central bank governor Johnson Asiama, speaking at the Ghana CEO Summit in Accra, said the central bank had not used its own reserves to support the cedi. He cited tight monetary policy, cleaner FX auctions and stronger remittance flows. But Malik and Röhmeyer each warned that the rally may not last. "There are reasons for caution after this spike," Malik wrote in the Tellimer note, citing drops in oil and cocoa prices, IMF forecasts that implied a coming depreciation.
Reuters
4 days ago
- Business
- Reuters
Surge in cedi currency eases Ghana's foreign debt burden
JOHANNESBURG, May 28 (Reuters) - Ghana's cedi currency has jumped more than 40% versus the U.S. dollar this year, far outperforming its African and emerging market peers, shrinking the cost of the country's foreign debt and giving it more fiscal breathing room. The rally, which has surprised some investors, is another much-needed boost for the West African nation as it claws its way back from debt default and a punishing economic crisis. In all the cedi has gained 42% against the dollar since January, changing hands near 10.20 to the greenback on Wednesday morning according to LSEG data. "We have reduced our total debt over the last five months by almost 150 billion cedis which is very significant," Ghanaian President John Mahama told a session during the African Development Bank annual meeting in Abidjan this week, citing the cedi strength. "If that trajectory continues, the target of reaching 55-58% debt sustainability by 2028 will be reached by the end of this year. And that means that it begins to give us fiscal space to begin to invest in the most productive sectors of the economy," he said. While the U.S. dollar has also been under pressure this year, the cedi's performance stands in stark contrast to other African currencies. Investment bank JPMorgan, in a note to clients, said the gold windfall - with prices having chalked up 28 record highs by April - was a tailwind for the cedi. Tellimer's Hasnain Malik, in a note, said the country's on-track International Monetary Fund programme, as well as restrictive monetary policy, have also helped the "extraordinary spike". Lutz Röhmeyer, head of portfolio management at Capitulum Asset Management, said local Ghanaian holders of U.S. dollar debt exchanging their money back into cedis was also helping the gains. On Monday, Ghana's central bank governor Johnson Asiama, speaking at the Ghana CEO Summit in Accra, said the central bank had not used its own reserves to support the cedi. He cited tight monetary policy, cleaner FX auctions and stronger remittance flows. But Malik and Röhmeyer each warned that the rally may not last. "There are reasons for caution after this spike," Malik wrote in the Tellimer note, citing drops in oil and cocoa prices, IMF forecasts that implied a coming depreciation.
BBC News
22-05-2025
- Politics
- BBC News
'Stop process to remove me' - Ghana suspended chief Justice tell Supreme Court
Di drama for di suspended chief justice of Ghana no dey end anytime soon. Dis na afta she don go di Supreme Court to stop di presidential committee wia dey investigate five petitions against her. President John Mahama on 22 April bin suspend Justice Gertrude Torkornoo according to di constitution when di council of state bin find "prima facie" case against her for di petitions wia pipo don file to di president against her. Na so im go ahead to select five-member committee to begin to investigate di suspended Chief Justice; in fact di committee already don start dia hearings, as dem dey sit three times every week. According to di kontri constitution for Article 146, dis kain hearing of cases against di chief justice and oda ogbonge officials, gatz to be behind closed doors. But inside di fresh suit wia Justice Gertrude Torkornoo don file for di Supreme Court against di process to remove her, she tok say she wan make dis committee hearing dey for di public. Dis na di third suit wia pipo don file for di supreme court to stop di process to remove di chief justice, since she bin chop suspension, afta di council of state find say di three petitions (later become five), get questions wia di chief justice gat to answer. Even tho di constitution dey clear about di process wia petitions to remove di chief justice gatz to go thru, opposition lawyers and oda pipo don go di supreme court to stop di process wey dey in motion now. Wetin be di process to remove di chief Justice According to Ghana constitution, to remove di chief Justice, di process dey clear. Someone gat to write petition to di president to explain why dem suppose sack di chief Justice. Afta dem write di petition, dis na di tins wey get to happun. Dis na di tins she dey demand from di Supreme Court On 6 May, di Supreme Court for dia 3-2 majority decision throway one injunction application wia one opposition lawmaker Vincent Ekow Assafuah, bin file against di removal process. Di lawmaker try to get di court to stop di process wia dem describe as "illegal." Na so for 21 May, di Supreme Court again for majority 4-1 decision, throway anoda injunction application by one interest group against di process to remove di chief justice so far. But few hours afta di Supreme Court dismiss di latest application, di suspended chief justice herself carry di mata go di same Supreme Court. Justice Gertrude Torkornoo now bin sue di attorney general and di five members of di panel wia dey investigate di five petitions against her. Pipo kwesion why di former Attorney general na lawyer to di suspended chief justice Sabi pipo kwesion why di former attorney general na lawyer for suspended chief justice for dis mata Former director for di Ghana School of Law, Kwaku Ansa-Asare bin tok say di suspended chief justice im attempt to stop di removal process as "unconstitutional." "Di move by di suspended CJ don dey undermine di constitution," wia im also bin accuse Justice Gertrude Torkornoo and her legal team say dem "dey try to scata lawful process." Im add say "president Mahama no breach any law for di process to remove di chief justice so far, so e go dey difficult for any pesin to stop di process." Oda sabi pipo bin tok say for di former attorney general, to be di lawyer for di chief justice don mean say wetin pipo tok say di former goment bin dey get favourable decisions for di Supreme Court wit di suspended chief justice, na true. Oga Kwaku Ansa -Asare also bin tok say "for di former attorney general Godfred Dame, to involve im serf for dis chief justice case, especially when im dey part of di process to appoint her in 2023, don dey make di mata worse." Oga Ansa-Asare tok local radio network JoyFM say di former attorney general im involvement for dis chief justice mata don dey create bad optics for di suspended CJ, especially as dem appoint her during di time im (Godfred Dame) be attorney general wia im be di former president Nana Akufo-Addo im legal advisor. But di former attorney general Godfred Dame respond say im decide to take up dis case sake of e dey in line wit im commitment to "upholding di rule of law." Im tok say dia legal mata for di Supreme Court na about "procedural irregularities" for di suspension process, e neva be about personal allegiance. Im tok say im action na to fight for di "independence of di kontris judiciary." "Time don reach say good men for dis kontri gatz to speak up for di right tin. One attorney general wia don stand up for di judiciary wia speak against attack on di judiciary, na me." Oga Godfred Dame add say "wetin dey happun be wrong, we gatz to correct am. Time don reach say we go do di proper tins for dis kontri. We no fit to let pipo mislead di public wia we neva go correct am." Di Supreme Court go soon hear di latest injunction application by di suspended chief justice. While dat dey go on; di 5-member panel already begin dia investigations wey dem dey hear from di CJ Justice Gertrude Torkornoo and di pipo wia bin file di separate petitions against her. Dem dey sit "behind closed doors" three times a week. Di goment say dem dey expect di panel to finish dia work soon, to settle dis mata once and for all, whether dem go find di suspended CJ guilty or not, na time to tell.
