“Harnessing international skills for national development"
Fitch Ratings has affirmed Ghana’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘B’ with a stable outlook. Fitch said in its latest report that: “Capitalisation and liquidity have improved, but economic headwinds will delay substantial improvement in asset quality. “Non-performing loans/total loans fell to 14% in 2019, from 22% two years prior, but the ratio will remain high as private-sector credit growth slows in 2020. We expect real private-sector credit growth to remain positive in 2020, but in the low single digits.” Fitch Ratings has affirmed Ghana’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘B’ with a Stable Outlook.
The prolonged inter utility legacy debt of US$203 million component of the power sector debt within the energy sector accrued by the end of 2016 has been finally set off. The debt, which involved both state owned corporations and Independent Power Producer, Sunon Asogli Power Ghana Limited affected the operational and financial performance of all parties involved within the power supply chain. A statement signed by Mr Elikplim Kwabla Apetorgbor, Sunon Asogli Manager of Energy Trading, Research and Regulatory Affairs said the settlement of the debt would contribute to the improvement of the credit rating of the various organization within the energy sector seeking for credit facilities from both domestic and international Banks. “It will further reduce the indebtedness of government, ECG, VRA, GNGC and Sunon Asogli Power Limited making their books much better than before,” the statement added.
Mining giant AngloGold Ashanti (AGA) Ghana has launched its Agro business programme dubbed ‘Obuasi Goes Agro (OGA)’ in Adaase, a farming community in Obuasi. The OGA program is in sync with Government’s Planting for Food and Jobs (PFJ) programme which aim to promote food security and immediate availability of selected food crops on the market. The Obuasi Goes Agro (OGA) programmme is one of the flagship socio-economic development interventions of AngloGold Ashanti which is part of their three (3) year Social Management Plan aimed towards the socio-economic development of Obuasi communities to contribute to the diversifying local economy through the design and implementation of innovative interventions in collaboration with stakeholders.
OPEC and its allies fear a prolonged second wave of the COVID-19 pandemic and a jump in Libyan output could push the oil market into surplus next year, according to a confidential document seen by Reuters, a gloomier outlook than just a month ago. A panel of officials from OPEC+ producers, called the Joint Technical Committee, considered this worst-case scenario during a virtual monthly meeting on Thursday. In September, the panel had not seen a surplus under any scenarios it considered.
Such a surplus could threaten plans by OPEC, Russia and allies, known as OPEC+, to taper record output cuts made this year by adding 2 million bpd of oil to the market in 2021. The Organization of the Petroleum Exporting Countries has not indicated any plan so far to scrap that supply boost.
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