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Whither to from Here: Implications of the Government of Ghana Sovereign Debt Restructuring

Introduction A recent Bloomberg news article(1) has hinted that the Government of Ghana is considering restructuring its sovereign debt in the wake of negotiations with the IMF regarding the sustainability of the country’s debts. The report indicated that local debt was more likely to be restructured compared to the country’s external debt. If the reports […]

Inflation Update

The headline inflation in August was 33.9% an increase of 2.2 percentage points from the 31.70% recorded in the month of July making it the highest in 21years. In addition to this, the 33.9% inflation recorded in August accounted for a 15 consecutive monthly rise in inflation. The August inflation window recorded upward pressures from […]

Ghana’s inflation surges to 29.8% but the worst is yet to come

Data released by the Ghana Statistical Service (GSS) on July 13, 2022, indicate that the annual inflation rate increased to 29.8% in June 2022 from 27.6% recorded in May 2022. This is the highest level of inflation since December 2003, and almost 3 times the upper bound of the Bank of Ghana’s target range of […]

What an IMF Program Means to the Government of Ghana

On Friday July 1, 2022, the president of Ghana authorised the finance minister Ken Ofori-Atta to commence formal engagement with the International Monetary Fund (IMF), inviting the Fund to support an economic program put together by the Government of Ghana. We, at Tesah Capital, expect the government to request for an Extended Credit Facility (ECF) […]