USD denominated Eurobonds have become the darling of the African investor. Nigeria and Ghana are amongst the most popular Eurobonds requested. Nigeria with a low 34.98% debt to GDP ratio offers strong yields with comparatively low risk to capital.
Ghana’s economy expanded by 5.4% in 2021, far higher than the 0.4% recorded in the year 2020, a period that COVID-19 pandemic had severely hit the global economy.
Ghana’s central bank has announced its largest-ever interest rate hike to halt the country’s spiralling inflation fed by global tensions in Europe. This is according to a news release from the Bank of Ghana’s Monetary Policy Committee.
Moody's Investors Service ("Moody's") has today downgraded the Government of Ghana's long-term issuer and senior unsecured debt ratings to Caa1 from B3 and changed the outlook to stable from negative. Moody's has also downgraded the senior unsecured MTN programme ratings to (P)Caa1 from (P)B3 and the backed senior unsecured debt rating to B3 from B1.
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