A delegation led by Ghana’s Finance Minister, Ken Ofori-Atta, is expected to go to China this week to begin talks on the country’s US$1.7 billion bilateral debt restructuring. However, the discussion is coming off at a time the diplomatic rift between China and the United States (US) seems to be widening.
Ghana has given the final approval for the transfer of the 70 percent majority shares in Vodafone Ghana (Ghana Telecommunications Company Limited) held by Vodafone Group Plc to Telecel Group.
Ghanaian banks’ capital will still weaken significantly as a result of Ghana’s sovereign domestic debt restructuring, despite the improved terms for creditors after several delays and modifications, Fitch Ratings says.
Fitch Ratings has downgraded Ghana's Long-Term (LT) Local Currency (LC) Issuer Default Rating (IDR) to Restricted Default (RD) from 'C'. The issue ratings on local-currency bonds issued domestically have also been downgraded to Default (D) from 'C'. Fitch has affirmed Ghana's Long-Term Foreign Currency (FC) IDR at 'C'. Fitch typically does not assign Rating Outlooks to sovereigns with a rating of 'CCC+' or below.
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