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#Ghana’s economy grew 4.2% year-on-year in the first quarter of 2023

Investors may find Ghana’s Eurobond more Attractive Compared to Other West African Countries.

Ghana’s #Eurobond may become more attractive to #investors as the country’s economy shows signs of improvement in the first quarter of #2023 compared to 2022. The data shine the spotlight on #Ghana as the fastest economy among its West #African counterparts since the second quarter of 2022 according to the #WestAfrica country’s statistics agency on Wednesday.

From the report, #Ghana’s economy grew 4.2% year-on-year in the first quarter of 2023, compared to 3.7% growth in the previous quarter, The figure outperformed analysts’ estimate of 2.6% and was also higher than 2.31% of #NigeriaGDP growth in the same period.

The Gold, oil, and cocoa giant is battling its worst economic crisis in a generation brought on by spiraling public debt.

Primary drivers of the country’s GDP growth in Q1 2023 were Public Administration, Defense & Social Security, Defense & Social, Health, Education, and ICT.

Ghana national flag

Street protests over rising prices last year pushed authorities to seek help from the International Monetary Fund (IMF), which agreed to provide a $3 billion support package conditional on debt restructuring.

Finance Minister Ken Ofori-Atta at the weekend #Ghana aims to reach a restructuring agreement with bilateral creditors in the coming weeks.

With the positive performance in Ghana’s economy, investors may consider taking Ghana’s #bonds, which are currently trading at a very discounted rate. As of the close of trade on Thursday, June 20, 2023, Ghana’s #Eurobond yield curve for #2025 and #2026 closed at 75.06 % and 50.47% respectively.

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