The Custodian Newspaper Online
No Result
View All Result
Tuesday, June 24, 2025
  • Home
  • News
  • Politics
  • Business
  • Opinion
  • Showbiz
  • Health
  • Sport
  • World
  • eStore
The Custodian Newspaper Online
  • Home
  • News
  • Politics
  • Business
  • Opinion
  • Showbiz
  • Health
  • Sport
  • World
  • eStore
No Result
View All Result
The Custodian Newspaper Online
No Result
View All Result
Home Business

S&P downgrades Ghana from CCC+ to CC

by Selasi Aklotsoe
December 8, 2022
in Business, Featured, News
0
Akufo-Addo Saves Ghana US$200m – In Renegotiated CENIT Energy Power Purchase Deal

President Akufo-Addo (R) and Minister for Finance Ken Ofori-Atta working hard for Ghana

152
SHARES
1.9k
VIEWS
Share on FacebookShare on Twitter

S&P Global has downgraded Ghana’s long-term local currency bonds to “selective default” and cut the country’s foreign currency debt to “CC” from “CCC-plus,” with default a “virtual certainty,” the rating agency said in a statement on Tuesday.

S&P said Ghana’s proposed local debt swap is a “distressed exchange offer,” earning those bonds the “selective default” rating, while the foreign currency bonds downgrade responds to the government’s announced plans to restructure that debt.

Ghana’s Parliament on Tuesday narrowly approved the proposed 2023 budget, overcoming resistance from opposition lawmakers over the inclusion of the debt exchange and a higher value-added tax.

The S&P downgrade comes after a recent downgrade deeper into junk territory by Moody’s Investors Service on the likelihood that private creditors will incur steep losses during the government’s planned debt restructuring.

The country’s credit rating was slashed by two levels to Ca, the second-lowest score at Moody’s. That puts Ghana on par with Sri Lanka, which is in default.

“The Ca rating reflects Moody’s expectation that private creditors will likely incur substantial losses in the restructuring of both local and foreign currencies debts planned by the government as part of its 2023 budget proposed to Parliament on 24 November 2022.

“Given Ghana’s high government debt burden and the debt structure, it is likely there will be substantial losses on both categories of debt in order for the government to meaningfully improve debt sustainability,” analysts Lucie Villa and Marie Diron wrote in the statement.

Post Views: 448
Tags: CCdowngradeS&P
  • Latest
  • Trending
MMDCEs NPP Bawumia

Bawunia is a unifier — former NPP MMDCEs declare support

June 24, 2025
Newspapers Tuesday 24th June 2025

Newspaper Frontpages – Tuesday, 24th June, 2025

June 24, 2025
James-Gunu_Dr.Victor_Asare_Bampoe

NHIA will settle claims without delay – Dr Bampoe

June 23, 2025
U.S. visa is a privilege, not a right – Embassy in Ghana

U.S. visa is a privilege, not a right – Embassy in Ghana

June 23, 2025
Newspapers Tuesday 24th June 2025

Newspaper Frontpages – Tuesday, 24th June, 2025

June 24, 2025
Newspaper Frontpages (Tuesday, 17th June, 2025)

Newspaper Frontpages (Tuesday, 17th June, 2025)

June 17, 2025
Newspaper Frontpages (Monday, 16th June, 2025)

Newspaper Frontpages (Monday, 16th June, 2025)

June 16, 2025
The Custodian newspaper

Newspaper Frontpages (Monday, 23rd June, 2025)

June 24, 2025

The CustodianGh Online’s vision is to become the most preferred go-to news brand in Ghana.

Contact Us

[email protected]

Popular Categories

  • News
  • Business
  • Politics
  • Sport
  • Arts & Showbiz
  • Tech

Archives

© 2025 The CustodianGh Online - All rights reserved.

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Do not sell my personal information.
Cookie SettingsAccept
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Opinion
  • Showbiz
  • Health
  • Sport
  • eStore

© 2025 The CustodianGh Online - All rights reserved.