The Abraaj Group, a leading investor operating in growth markets, today announced its acquisition of a majority stake in Ghana Home Loans (“GHL”), the leading provider of residential mortgages in Ghana.
Fitch Ratings has downgraded Ghana's Long-term foreign and local currency IDRs and its senior unsecured ratings to 'B' from 'B+'. The Outlook is Stable. The Country Ceiling has also been downgraded to 'B' from 'B+'. The agency has affirmed the Short-term foreign currency IDR at 'B.'
Ghana's total public debt, at the end of December 2012, stood at $18,832.77 million, equivalent to 49.4% of Gross Domestic Product (GDP), up from $15,350.08 million, representing 40.8% at the end of 2011.
The Bank of Ghana (BoG) has hinted it may later consider introducing Islamic Banking in Ghana if the prospects are positive.
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