Press spotlights upgrade of Ghana’s local currency by Moody’s, others

APA – Accra (Ghana)
The report of the upgrade of Government of Ghana’s local currency long-term issuer rating from Ca to Caa3, with a stable outlook by Moody’s Investors Service is one of the trending stories in the Ghanaian press on Tuesday.
The Graphic reports that Moody’s Investors Service has upgraded the Government of Ghana’s local currency long-term issuer rating from Ca to Caa3, with a stable outlook.
The local currency senior unsecured MTN program rating has also been upgraded from (P)Ca to (P)Caa3.
The upgrade follows the completion of the government’s primary local currency debt restructuring, which has reduced the expected losses on local currency debt in the future. The debt exchange has also provided Ghana with some fiscal relief, reducing the likelihood of seeking another debt restructuring of a similar scale from the same creditors in the near to medium term.
However, the Caa3 rating still reflects the existing risk of potential default, which remains a tangible concern until Ghana settles its local currency debt that has not undergone restructuring and restructures its foreign currency debt.
The stable outlook indicates a balance between downside and upside risks. On the one hand, prolonged negotiations regarding the restructuring of the government’s foreign currency debt and increasing limitations on accessing local currency funding pose downside risks that could result in a more significant loss than indicated by the Caa3 rating in another local currency debt restructuring.
On the other hand, there is the possibility of a relatively smooth foreign currency debt restructuring process, coupled with Ghana’s fiscal and external adjustment supported by the official sector, including the IMF. These factors contribute to the balanced outlook.
The upgrade by Moody’s is a positive development for Ghana, but it is important to note that the country still faces significant challenges. The government will need to continue to implement its economic reforms and work to restructure its foreign currency debt in order to improve its credit rating and access to capital markets.
The newspaper says that President Nana Addo Dankwa Akufo-Addo has sworn in Justice Gertrude Araba Esaaba Sackey Torkornoo as the 15th Chief Justice of the Supreme Court since the inception of the Fourth Republic.
Laying out his expectations of the Judiciary, President Akufo-Addo declared that “it is crucial that we have judges who are morally upright with intellectual integrity and with the thorough understanding of the law.”
After reading a long list of her rich profile at the well-attended investiture at the Jubilee House in Accra yesterday, President Akufo-Addo described Justice Torkornoo as having “the full grasp of the intricacies of judicial administration” and therefore “will be an effective leader of the Judiciary, zealously defending its independence, constantly upholding its dignity and makes a worthy successor to her predecessor”.
The President added that the choice of Justice Torkornoo as the Chief Justice was not a particularly difficult one to make in view of her level of qualification, years at the bench and bar, and personal attributes.
After the introduction of the nominee by the Director of the State Protocol, Yaw Kumah, the President administered the Oath of Allegiance, Judicial Oath and the Oath of Secrecy in succession to Justice Torkornoo who is the third female ascending the position after Georgina Theodora Wood in 2007 and Sophia Abena Boafoa Akuffo in 2017.
The Graphic also reports that Ghana has recorded 247,834 international tourist arrivals in the first quarter of this year.
It represents a 45.19 per cent increase over the 170,696 arrivals for the same period last year.
Although higher than last year’s arrivals, the figure is still below the record 256,457 arrivals for the same period in 2019 during the implementation of the Year of Return.
The Ghana Tourism Authority (GTA) explained that the increase was influenced by arrivals from the United States of America, India, Nigeria, China, Britain, Germany, Liberia and the Netherlands.
With the growth in figures, some industry stakeholders have projected that the country would be able to meet its 1.2 million tourist arrival targets for 2023.
Data sourced from the GTA show fluctuations in international tourist arrivals in the country between the first quarters of 2019 and 2023.
From 256,457 arrivals in 2019, the number of tourists who visited the country dropped to 212,788 in 2020 before declining further to 98,950 in 2021.
The sector, which recorded 170,696 visits in 2022, experienced a jump to 247,834 in 2023, close to the pre-pandemic level.
The Ghanaian Times says that President Nana Addo Dankwa Akufo-Addo on Friday called on Ghanaians to take up active roles in preserving the country’s forest cover to promote healthy and sustainable environment.
He explained that, recent threats to Ghana’s forest including illegal mining, wildfires and deforestation, required the conscious efforts of all the citizenry in protecting what was left and planting and nurturing new trees.
Speaking at this year’s Green Ghana Day in Accra on Friday, he said, the government had taken a lead role by implementing specific initiatives such as Green Ghana Day to mobilise all Ghanaians towards restoring Ghana’s lost forest cover.
This year’s event, which is on the theme “Our Forest, Our Health,” is targeting to plant 10 million trees across the country.
The Green Ghana Day is a clarion call on us all to preserve our forest for our survival by planting and nurturing trees. We have to do this with a sense of urgency and renewed purpose.
We plant and nurture the trees in the spirit of nationalism, solidarity and love for all in a healthy environment,” President Akufo-Addo added.
He said, the importance of forest in good health emphasises the need for Ghana to deal with the drivers of climate change and promote sustainable environmental practices.
He noted that climate change was responsible for current environmental and agricultural challenges including droughts, crop failures, loss of water sources and diseases, which if not curtailed, could push many Ghanaians into poverty.
Despite Ghana’s limited contribution to the causes of climate change, he said, the country was vulnerable to the impact of climate change adding that the development impacts negatively on livelihoods and impede developmental efforts.
As part of initiatives, President Akufo-Addo said Ghana had updated its nationally determined contribution under the Paris Agreement from 2020 to 2030, considering its unique circumstances to affirm the country’s resolve to address the impacts of climate change on the economy and its vulnerable people.
He noted that, the country had designed 47 adaptation and mitigation programmes of action to help cut carbon emissions by 64 metric tonnes of carbon dioxide equivalent (MtCO2e) by 2030.
The President said the Green Ghana Day was critical in government’s strategy in realising both national and international objectives in addressing climate change and called on Ghanaians to plant and nurture trees.
GIK/APA