Latest news with #financial management
Zawya
4 days ago
- Business
- Zawya
Oman's credit rating upgrade heralds numerous benefits
Recently, Moody's upgraded the Sultanate of Oman's rating from Ba1 to Baa3, while revising the outlook to stable. The ratings agency attributed the upgrade to the improvement in Oman's public debt indicators and the strength of its financial position, along with the efficiency of its financial management, which has enhanced its ability to withstand shocks, especially in light of the decline in average oil prices and production. The issuer commentary cites financial policies and provisions, as well as the measures taken in many aspects related to the Omani economy, economic diversification policy, and private sector stimulation. Most of us know that an uptick in a country's credit rating contributes to strengthening the stability of its domestic economy, reducing the cost of borrowing, and stimulating foreign investment, especially if the country is free of bureaucracy in its daily operations. An improved rating also increases the ability to finance development and social projects, enhances the country's competitiveness, and contributes to improving the quality of life for citizens. Moody's commentary also points to Oman's government efforts, explaining that they have achieved positive results, particularly with regard to public spending. Government spending declined to 29% of GDP, compared to an average of more than 41% during the period from 2016 to 2020. Debt also declined from 37.5% of GDP at the end of 2023 to 35.5% at the end of 2024 and is expected to continue declining in the coming years. The Moody's report expects the Omani economy to witness further improvement in the coming years and accelerating growth in the non-oil sector and reduce the primary non-oil deficit. Over the past few years, the government has taken numerous measures to diversify sources of income, which can enhance long-term financial stability by working to increase the contribution of non-oil revenues to the general budget, supporting plans to develop the green hydrogen sector and related industries and expanding liquefied natural gas (LNG) production by 2030. Raising Oman's credit rating could have significant positive impacts on the economy, finances and society as a whole. In the coming years, Oman can reap many benefits from this, particularly in terms of improving its ability to attract foreign investment. A good credit rating reflects the stability of the economy and its ability to meet its financial obligations, making Oman a more attractive destination for foreign investors who can contribute to the development of new sectors such as technology, tourism, industry and others. A ratings upgrade can also reduce borrowing costs, enabling the government and companies to borrow at lower costs. Some analysts believe that a rating upgrade would enable the Omani government to issue international or local bonds at lower costs, helping finance important national projects without significantly impacting the general budget. It would contribute to strengthening economic stability, improve the business environment and encourage economic expansion to implement development and social programmes by financing projects to improve education, healthcare and housing, which would positively impact citizens' standard of living. Oman seeks to achieve sustainable economic diversification away from oil and gas. The country is working to accelerate transition to a more sustainable and competitive economy, facilitate negotiations with its international trading partners and enhance its image in global markets. It will also support public-private partnership projects, which will contribute to stimulating social growth. 2025 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (
Zawya
30-07-2025
- Business
- Zawya
Ghana: Finance Minister Inaugurates National Asset Management Working Committee
The Minister for Finance, Dr. Cassiel Ato Forson, has inaugurated a National Asset Management Working Committee with a mandate to identify, account for, and ensure the proper management of Ghana's public assets. Speaking at the ceremony in Accra, Dr. Forson highlighted the absence of a comprehensive State Assets Register as a major gap in public financial management. He called for urgent steps to reverse years of neglect, misuse, and unlawful occupation of government properties. He also expressed concern about the deteriorating condition of several state assets and the wanton sale of public lands, urging the committee to bring such practices to an end. The committee is chaired by Deputy Minister for Finance, Hon. Thomas Ampem Nyarko, who assured that the era of acquiring new public assets without taking stock of existing ones would be brought to an end under his leadership. The full membership of the committee includes: 1. Hon. Thomas Ampem Nyarko – Deputy Minister, Ministry of Finance (Chairperson) 2. Ms. Abigail Naa Odoi – Deputy Director, Office of the President 3. Mr. Edwin Nkrumah – Assistant Chief Estate Manager, Ministry of Works, Housing and Water Resources 4. Dr. Sylvia Adusu – Chief State Attorney, Attorney-General's Department 5. Mrs. Mavis Asare Donkor – Director of General Administration, Ministry of Education 6. Mr. Frank Raji – Director of General Administration, Ministry of Health 7. Mr. Theophilus Okine – Director of Procurement and Supply Chain, Ministry of Defence 8. Dr. Gideon Asamoah Tetteh – Director of Finance and Administration, Ministry of the Interior 9. Mr. Erya Nutsugah – Director of Policy, Planning, Budget, Monitoring and Evaluation, Ministry of Lands and Natural Resources 10. Mr. Dela Kemevor – Director of General Administration, Ministry of Local Government, Chieftaincy and Religious Affairs 11. Mr. Walter A. Adabere – Acting Director of Administration and Deputy Director, Research, Monitoring and Evaluation, Office of the Administrator-General 12. Dr. Gad Asowoe Akwensivie (Esq.) – Acting Administrator, Office of the Administrator of Stool Lands 13. Mr. Anthony Mallen Ntiador – Acting Deputy Executive Secretary, Lands Commission 14. Mr. James Bondzie – Principal Estate Manager, Public Works Department 15. Mrs. Millicent Atuguba – Acting General Manager, Operations, State Interests and Governance Authority (SIGA) Distributed by APO Group on behalf of Ministry of Finance - Republic of Ghana.
