Latest news with #JohnDramaniMahama
Business Insider
3 hours ago
- Business
- Business Insider
Ghana saves GH₵120K monthly as Mahama cancels Jubilee House TV subscriptions
The Minister of State in charge of Government Communications, Felix Kwakye Ofosu, has revealed that President John Dramani Mahama has cancelled all paid television subscriptions at the Jubilee House, resulting in an estimated monthly saving of GH₵120,000 (approximately $12,000). President Mahama cancelled paid TV subscriptions at Jubilee House, saving GH₵120,000 monthly. The move signifies the administration's commitment to fiscal discipline and economic recovery. The decision is part of a strategy to curb unnecessary government expenses.
Zawya
13 hours ago
- Politics
- Zawya
King Mswati III of Eswatini in Ghana for a State Visit next week
The Presidency has announced that President John Dramani Mahama will host His Majesty King Mswati III, Ingwenyama of the Kingdom of Eswatini, for a state visit to Ghana next week. The visit is scheduled for Tuesday, 24 June to Saturday, 28 June 2025, spanning four days of official engagements. King Mswati III is expected to arrive in Accra on Tuesday, 24th June. Upon his arrival, he will be welcomed at the Presidency for bilateral discussions with President Mahama and a high-level Ghanaian delegation. A Memorandum of Understanding (MoU) between the two countries is anticipated to be signed during this meeting. On Tuesday afternoon, the King is scheduled to meet with officials at the African Continental Free Trade Area (AfCFTA) Secretariat in Accra before departing for Kumasi later in the day. In Kumasi, His Majesty will be the distinguished guest of the Asantehene, Otumfuo Osei Tutu II. The itinerary in the Asante capital includes official visits to the Kumasi Metropolitan Assembly (KMA) and a tour of the historic Manhyia Palace Museum. King Mswati III is also scheduled to address the National House of Chiefs and attend a grand durbar of chiefs organised in his honour at Manhyia Palace. A Royal Banquet will be held in Kumasi on Friday evening. On Saturday, the final day of the visit, King Mswati III will join the Asantehene, Otumfuo Osei Tutu II, at a ceremony at the Kwame Nkrumah University of Science and Technology (KNUST) before departing from Ghana. King Mswati III's visit is expected to significantly strengthen diplomatic and economic ties between Ghana and the Kingdom of Eswatini and deepen the historical and cultural links between the Asante Kingdom and the southern African nation. Distributed by APO Group on behalf of The Presidency, Republic of Ghana.
Arabian Post
2 days ago
- Business
- Arabian Post
Ghana's Credit Score Rises to ‘B-' as Debt Talks Progress
Fitch Ratings upgraded Ghana's long‑term foreign currency sovereign rating from 'restricted default' to 'B‑' on 16 June, accompanied by a stable outlook. The move reflects substantial progress in debt restructuring after the West African nation normalised relations with a large majority of its external commercial creditors. Ghana's economy endured its most severe crisis in decades, driven by collapses in its cocoa and gold sectors. The government's proactive restructuring of its debt burden laid the groundwork for this upgrade, with Fitch forecasting completion of external debt restructuring by the end of 2025. The 'B‑' rating places Ghana closer to investment‑grade territory and signals increased investor confidence. The stable outlook indicates that Fitch does not expect near‑term negative shocks to derail Ghana's fiscal consolidation. It reflects continued fiscal discipline and political commitment to structural reform following President John Dramani Mahama's inauguration in January. Finance Minister Cassiel Ato Forson has already implemented significant spending cuts, part of a broader strategy to restore macroeconomic stability and rebuild international credibility. These measures were reinforced by a similar move from S&P Global Ratings in May, which upgraded Ghana's foreign currency issuer rating to 'CCC+' from 'selective default'. Together, these upgrades underscore growing confidence in Ghana's recovery trajectory. ADVERTISEMENT Fitch's report highlights that servicing foreign currency debt—including domestic‑issued dollar bonds—is projected to consume around 1.2 per cent of gross domestic product in 2025, rising modestly to 1.4 per cent by 2026. Domestic currency interest costs for the same period are estimated at approximately 3.8–3.9 per cent of GDP, with total debt servicing ratios stabilising after peaking at 48 per cent in 2021. On the external front, Fitch projects Ghana's current account surplus, which peaked at around 4.3 per cent of GDP in 2024, will moderate to about 1.1 per cent by 2026 due to increased import demand and softer export commodity prices. However, inflation, which stood at 23 per cent in 2024, is expected to subside to around 15 per cent by the close of 2025 and further to 10 per cent in 2026, aided by a strengthening cedi and disciplined monetary policy. Fitch anticipates economic growth to remain robust at about 4 per cent in 2025, accelerating to approximately 4.5 per cent in 2026. This expansion will be driven by recovery in the agricultural sector—especially cocoa production—and continued momentum in the industrial and services sectors. Despite the positive assessments, Fitch has emphasised key risks that could undermine its stable outlook. Chief among these are renewed liquidity pressures, potential loss of confidence in Ghana's ability to refinance short‑ and medium‑term obligations, and strains on external reserves if the current account deficit widens unexpectedly. Investor sentiment is likely to sharpen its focus on Ghana's ability to fully deliver on its debt restructuring plan and preserve macroeconomic stability. As the country moves toward concluding bilateral and bondholder agreements by year‑end, the global market will be assessing not just the formal rating upgrade, but the implementation of structural reforms and fiscal prudence underpinning it. This credit progression carries implications beyond bond markets. It enhances Ghana's standing in international financial circles, potentially lowering its cost of future borrowing and attracting foreign direct investment. It also sets a precedent for other African nations navigating debt distress in the wake of global commodity and financial volatility.
Zawya
13-06-2025
- Business
- Zawya
Mahama bids farewell to United Kingdom (UK) envoy, discusses economy, security, regional ties
On Thursday, President John Dramani Mahama bid farewell to the outgoing British High Commissioner to Ghana, Harriet Thompson, expressing gratitude for her four-year tenure and emphasising key areas for ongoing Ghana-United Kingdom cooperation. Mr Mahama lauded the High Commissioner for her 'positive engagements' throughout her time in the country. He reflected on the long-standing historical relationship between Ghana and the UK, describing it as having been 'so far so good'. The president, however, emphasised the mutual need for deeper economic partnerships and trade moving forward. He also noted the dynamic changes in the global landscape, including the diminishing nature of traditional development assistance and the necessity for developing countries like Ghana to strategically reposition themselves. President Mahama also acknowledged the UK's significant support in counter-terrorism efforts, specifically commending cooperation in intelligence gathering and training. 'We appreciate the partnership we have shared in the fight against terrorism,' President Mahama stated. We will continue to rely on the UK for help and cooperation in intelligence gathering and training to prepare ourselves in the event of any attack.' Shifting to regional matters, Mr Mahama updated the High Commissioner on his recent proactive engagements with leaders in the Sahelian countries, including Mali, Burkina Faso, and Niger. He pledged further diplomatic efforts aimed at rebuilding trust and improving relationships with these neighbours. He announced that the upcoming ECOWAS meeting on Sunday – the first since he assumed office – would place the issues concerning the Alliance of Sahel States (AES) at the top of its agenda. 'I am going to have the opportunity to report to the rest of the ECOWAS leaders on trips I made to the three countries and share some of my perspectives about their grievances and how we can redefine relationships,' he told the outgoing envoy. On the domestic economic front, President Mahama provided an optimistic outlook, reporting progress with a strengthening Cedi, declining inflation, and renewed investor confidence. 'I am happy to report that it's going well,' he said, detailing the first quarter economic performance report. 'The first quarter report on economic performance indicates a GDP growth of 5.3 per cent, inflation has reduced from 23 per cent to 18 per cent since January, and we hope to bring it down to 13 per cent by the end of the year, so that should create some relief for Ghanaians in terms of the cost of living and we will continue to maintain fiscal discipline.' For her part, High Commissioner Harriet Thompson, who has served in Ghana for over four years, expressed her gratitude for the warm support and cooperation she received during her tenure. She also acknowledged the successful implementation of various British-sponsored interventions during her time. Distributed by APO Group on behalf of The Presidency, Republic of Ghana.
Yahoo
10-06-2025
- Politics
- Yahoo
President of Ghana Joins Board of Global Center on Adaptation
Rotterdam/Nairobi, June 10, 2025 (GLOBE NEWSWIRE) -- The Global Center on Adaptation (GCA) today announced that His Excellency John Dramani Mahama, President of the Republic of Ghana, has joined its Board. He joins a distinguished group of global leaders - including Mia Amor Mottley, Prime Minister of Barbados; Samia Suluhu Hassan, President of Tanzania; William Samoei Ruto, President of Kenya and Hilda Heine, President of the Marshall Islands - committed to advancing climate adaptation as an urgent development and economic priority. President Mahama's appointment comes as GCA deepens its work across Africa through its flagship Africa Adaptation Acceleration Program, which has shaped over $15 billion in adaptation investments in 40 countries. With the opening of its new headquarters in Nairobi this year, GCA continues to scale up local action in agriculture, resilient infrastructure, youth entrepreneurship, and climate finance. As the world transitions from ambition to implementation, GCA Board members like President Mahama will be central in ensuring adaptation is treated not as a cost, but as an engine of growth, equity, and resilience. Accepting his appointment, President John Dramani Mahama of Ghana stated: ' 'I am deeply honoured to accept my appointment to the Board of the Global Centre on Adaptation today. Climate change is not a distant threat; it is an urgent crisis that is already undermining Africa's development and jeopardising our collective future. As I join this esteemed institution, I will amplify the voices of African leaders and communities demanding greater investment in climate adaptation. The world must recognise that adaptation is not a choice but a necessity for our continent, which bears the brunt of climate impacts while contributing the least to its causes. To our development partners: Africa's adaptation ambitions require your steadfast support. We call for increased financing, technology transfer, and collaborative action to build resilience across our vulnerable nations. The time for pledges has passed; the time for delivery is now. Together, we can safeguard Africa's future and ensure that climate justice becomes a cornerstone of global solidarity." Commenting on the announcement, Macky Sall, Chair of the Global Center on Adaptation and Fourth President of Senegal said: 'President Mahama's return to leadership comes at a critical moment for Africa and the world. His deep experience, unwavering commitment to sustainable development, and proven ability to deliver impact on the ground will be a major asset to the GCA Board. Together, we will work to elevate adaptation as an economic and moral imperative, ensuring that Africa's leadership lights the path toward a more resilient future for all.' Professor Patrick V. Verkooijen, President and CEO of GCA, added: 'President Mahama exemplifies how bold political leadership and integrated national strategies can accelerate climate adaptation. His holistic approach—combining finance innovation, agricultural resilience, youth engagement, and governance reform—will elevate our Board's ability to translate global ambition into local impact, especially in Africa.' With President Mahama's leadership and the backing of other sitting and former heads of state on its Board, GCA is climate-proofing development across Africa and beyond—anchored by its new presence in Nairobi and a growing global mandate for action. CONTACT: Alexandra Gee Global Center on Adaptation +447887804594 in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
