Home | Goldstreet Business
Friday, August 12, 2022
  • Home
  • General News
    • Extractives
    • Auto
  • Business
    • Banking and Finance
    • AgriBusiness
    • Insurance
    • Mining
    • Oil and Gas
    • Real Estate/Housing
  • News
    • Top Stories
    • Agriculture
    • Maritime/Aviation
    • Energy
    • Education
    • Construction
  • Technology
    • ICT
    • Telecom
  • World
    • Africa
    • International
  • Editorial/Features
  • GSB Data Services
No Result
View All Result
  • Home
  • General News
    • Extractives
    • Auto
  • Business
    • Banking and Finance
    • AgriBusiness
    • Insurance
    • Mining
    • Oil and Gas
    • Real Estate/Housing
  • News
    • Top Stories
    • Agriculture
    • Maritime/Aviation
    • Energy
    • Education
    • Construction
  • Technology
    • ICT
    • Telecom
  • World
    • Africa
    • International
  • Editorial/Features
  • GSB Data Services
No Result
View All Result
Gold Business Logo
No Result
View All Result
Home Business

Ghana set to miss some macroeconomic targets; investors call for reassurance of debt sustainability

November 17, 2021
in Business
0
Ken Ofori-Atta has not resigned – Finance Ministry

Finance Minister, Ken Ofori-Atta

Share on FacebookShare on Twitter

Ghana is set to miss a number of economic targets as the Finance Minister, Ken Ofori-Atta, presents the 2022 Budget tomorrow, with investors calling for reassurance of debt sustainability.

According to Bloomberg, the country will miss its fiscal deficit target of about 9.4% in 2021, due to revenue underperformance, whilst a 4-year high tax ratio target due to the impact of Covid-19 pandemic will also be missed.

RELATED POSTS

Ghana doubles IMF funding goal to US$3 billion in three years

Fitch downgrades Ghana to ‘CCC’ days after poor S&P grading

The investors hope the financial plan for next year will show credible strategy to reduce the fiscal deficit, wasteful expenditure and debt.

Bloomberg again said investors are concerned about the country’s ability to service its loans as there is increasing cost of the country’s dollar bond. This is because the country’s debt has reached distressed levels. Presently, the country’s debt-to-Gross Domestic Product ratio is about 76%

Some of the international economists and institutions have called for a budget that will set out how the government plans to boost economic growth, whereas the fiscal economy is brought to stability.

“Rarely do countries sustain such high interest burdens for any length of time without a crisis, an International Monetary Fund rescue, or default/restructuring,” Stuart Culverhouse, head of sovereign and fixed income research at Tellimer Research told Bloomberg.

“Without any material expenditure compressions, our forecasts show the budget deficit improving only moderately to -11%, -9.4% and -7.7% in 2022, 2023 and 2024, respectively,” Deutsche Bank Economist Danelee Masia also told Bloomberg.

However, the Finance Minister, is expected to allay the fears of investor about t the nation’s debt sustainability and sluggish economic growth in his budget speech tomorrow, 17th November, 2021.

Fitch Ratings had already projected that the country’s interest expense will increase to almost 47% of revenue next year, a situation many will described as worrying.

KPMG wants more from government to reduce debt

Accounting and auditing firm, KPMG, has already charged government to achieve a balance between reducing debt against stimulating the economy.

Answering a question from Joy Business on how the country can achieve a balance between reducing debt against stimulating the economy, Head of Advisory and Markets, Andy Akoto called for the channeling of borrowed funds into productive sectors of the economy, whilst streamlining revenue mobilization to shore up income.

ISSER charges government to implement measures to rake in revenue

The Institute of Statistical, Social and Economic Research also called on government to be bold and implement measures to rake in more revenue, going forward.

“We expect the revenue numbers being better than we’re seeing now. With the talk of the digitisation, we want to see more revenue being generated, we want to see higher forecast revenue mobilisation and also prudent management of resources. If that is done, certainly we will be relying less on borrowing”, Director of ISSER, Professor Peter Quartey said.

“So we want to see conscious efforts to reduce our debt, our high debt-to-GDP ratio to the medium term. At least by 2024, we should be back to sustainable levels”, he added.

facebookShare on Facebook
TwitterTweet
Source: Goldstreetbusiness
Tags: BloombergDeutsche BankKen Ofori-AttaKPMG
ShareTweetShare

Related Posts

Global gold market trends favour Agyapa Royalty

Ghana doubles IMF funding goal to US$3 billion in three years

August 11, 2022
Ghana’s economic outlook to remain negative until fiscal economy improves – Fitch

Fitch downgrades Ghana to ‘CCC’ days after poor S&P grading

August 11, 2022
September inflation rises above BoG’s 10% target ceiling

Inflation rises further to 31.7% in July 2022; Transport major driver

August 10, 2022
Any alternatives to the International Monetary Fund (IMF) Africa should be looking at?

Any alternatives to the International Monetary Fund (IMF) Africa should be looking at?

August 5, 2022
Akufo- Addo nominates Lariba Zuweira Abudu as Minister for Gender

Akufo- Addo nominates Lariba Zuweira Abudu as Minister for Gender

August 2, 2022
Next Post
2022 budget will focus on economy’s recovery from COVID-19

LIVESTREAMING: Finance Minister to Present 2022 Annual Budget to Parliament

Government scraps road tolls in 2022 budget

Government scraps road tolls in 2022 budget

Discussion about this post

Archives

<
August 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
▼
>
MonTueWedThuFriSatSun
1234567
891011121314
15161718192021
22232425262728
293031    
       
    123
45678910
11121314151617
18192021222324
25262728293031
       
  12345
6789101112
13141516171819
20212223242526
27282930   
       
      1
2345678
9101112131415
16171819202122
23242526272829
3031     
    123
45678910
11121314151617
18192021222324
252627282930 
       
 123456
78910111213
14151617181920
21222324252627
28293031   
       
 123456
78910111213
14151617181920
21222324252627
28      
       
     12
3456789
10111213141516
17181920212223
24252627282930
31      
  12345
6789101112
13141516171819
20212223242526
2728293031  
       
1234567
891011121314
15161718192021
22232425262728
2930     
       
    123
45678910
11121314151617
18192021222324
25262728293031
       
  12345
6789101112
13141516171819
20212223242526
27282930   
       
      1
2345678
9101112131415
16171819202122
23242526272829
3031     
   1234
567891011
12131415161718
19202122232425
262728293031 
       
 123456
78910111213
14151617181920
21222324252627
282930    
       
     12
3456789
10111213141516
17181920212223
24252627282930
31      
   1234
567891011
12131415161718
19202122232425
2627282930  
       
1234567
891011121314
15161718192021
22232425262728
293031    
       
1234567
891011121314
15161718192021
22232425262728
       
       
    123
45678910
11121314151617
18192021222324
25262728293031
       
 123456
78910111213
14151617181920
21222324252627
28293031   
       
      1
2345678
9101112131415
16171819202122
23242526272829
30      
   1234
567891011
12131415161718
19202122232425
262728293031 
       
 123456
78910111213
14151617181920
21222324252627
282930    
       
     12
3456789
10111213141516
17181920212223
24252627282930
31      
  12345
6789101112
13141516171819
20212223242526
2728293031  
       
1234567
891011121314
15161718192021
22232425262728
2930     
       
    123
45678910
11121314151617
18192021222324
25262728293031
       
  12345
6789101112
13141516171819
20212223242526
27282930   
       
      1
2345678
9101112131415
16171819202122
23242526272829
3031     
     12
3456789
10111213141516
17181920212223
242526272829 
       
  12345
6789101112
13141516171819
20212223242526
2728293031  
       
      1
2345678
9101112131415
16171819202122
23242526272829
3031     
    123
45678910
11121314151617
18192021222324
252627282930 
       
 123456
78910111213
14151617181920
21222324252627
28293031   
       
      1
2345678
9101112131415
16171819202122
23242526272829
30      
   1234
567891011
12131415161718
19202122232425
262728293031 
       
1234567
891011121314
15161718192021
22232425262728
293031    
       
     12
3456789
10111213141516
17181920212223
24252627282930
       
  12345
6789101112
13141516171819
20212223242526
2728293031  
       
1234567
891011121314
15161718192021
22232425262728
2930     
       
    123
45678910
11121314151617
18192021222324
25262728293031
       
    123
45678910
11121314151617
18192021222324
25262728   
       
 123456
78910111213
14151617181920
21222324252627
28293031   
       
     12
3456789
10111213141516
17181920212223
24252627282930
31      
   1234
567891011
12131415161718
19202122232425
2627282930  
       
1234567
891011121314
15161718192021
22232425262728
293031    
       
     12
3456789
10111213141516
17181920212223
24252627282930
       
  12345
6789101112
13141516171819
20212223242526
2728293031  
       
      1
2345678
9101112131415
16171819202122
23242526272829
3031     
    123
45678910
11121314151617
18192021222324
252627282930 
       
 123456
78910111213
14151617181920
21222324252627
28293031   
       
      1
2345678
9101112131415
16171819202122
23242526272829
30      
   1234
567891011
12131415161718
19202122232425
262728293031 
       

RECOMMENDED

Global gold market trends favour Agyapa Royalty

Ghana doubles IMF funding goal to US$3 billion in three years

August 11, 2022
Gold bounces above $1 800 after US Inflation Data

Gold bounces above $1 800 after US Inflation Data

August 11, 2022

MOST VIEWED

Plugin Install : Popular Post Widget need JNews - View Counter to be installed
  • Energy
  • Health
  • Auto
  • International
  • Subscription Form
  • Staff Webmail
  • About Us
  • Contact Us
Call us: +233 24 432 0902 | info@goldstreetbusiness.com

© Copyright © 2020 goldstreetbusiness.com. All Rights Reserved.

No Result
View All Result
  • Homepages
    • Homepage Layout 1
    • Homepage Layout 2
  • World
  • Business
  • Technology
  • Health

© Copyright © 2020 goldstreetbusiness.com. All Rights Reserved.

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.