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☆ How 2022 shocked, rocked and rolled global markets
▼ + stars: | 2022-12-30 | by ( Marc Jones | ) www.reuters.com time to read: +6 min

The main drivers have been the war in Ukraine, combined with rampant inflation as global economies broke out of the pandemic, but China remained shackled by it. U.S. Treasuries and German bonds, the benchmarks of global borrowing markets and traditional go-to assets in troubled times, lost 17% and 25% respectively in dollar terms. Ten-year Treasury yields jumped to 1.8% from less than 1.5%, knocking 5% off MSCI's world stocks index (.MIWD00000PUS) in January alone. The Fed has delivered an eye-watering 400bps of rate hikes and the European Central Bank, a record 250bps, despite saying this time last year it was unlikely to budge. "What has gone in global markets this year has been traumatic," said EFG Bank Chief Economist and ex-Deputy Governor of Ireland's central bank, Stefan Gerlach.

The Vintage Gala, as 23-year old founders Prince Quist and James Edem Doe Dartey dubbed it, brought together a movement of young vintage enthusiasts pushing back against the global fast fashion industry by encouraging their peers to shop secondhand. "The idea is just to inspire everybody to thrift vintage, because secondhand goods aren't second class stuff," Dartey added. Ghana receives around 15 million items of used clothing each week from Western countries and China, offloaded in bulk, often at negligible prices and questionable quality. Much of it passes through Accra's Kantamanto, one of the largest garment markets on the continent, where bales of used clothes are sold based on the expected quality of the garments wrapped up inside. "Remove the whole notion that you only wear vintage when you are poor, or you only wear thrifted stuff when you don't have money," said creative Myra Davis outside the Vintage Gala event.

☆ Ghana again extends domestic debt exchange registration deadline
▼ + stars: | 2022-12-25 | by ( Cooper Inveen | ) www.reuters.com time to read: +2 min

REUTERS/Francis KokorokoACCRA, Dec 24 (Reuters) - Ghana has further extended the deadline to register for its domestic debt exchange to Jan. 16 in order to "secure internal approvals" from the financial sector, the Finance Ministry said in a statement late on Saturday. The ministry also announced a change to the debt exchange, with eight additional instruments to be created. Ghana announced a domestic debt exchange program earlier this month and said that external restructuring was being negotiated with creditors. The ministry had previously extended the registration deadline for the domestic debt exchange to Dec. 30, from Dec. 19 originally. The Finance Ministry said on Saturday that it expects to reach a domestic debt restructuring settlement no later than Jan. 31.

☆ Ghana announces external debt payment suspension, slipping into default
▼ + stars: | 2022-12-19 | by ( ) www.reuters.com time to read: +1 min

ACCRA, Dec 19 (Reuters) - Ghana's finance ministry said on Monday it was suspending debt service payments on certain categories of external debt including Eurobonds, commercial loans and most bilateral debt, amid the worst economic crisis in a generation. Ghana had already announced a domestic debt exchange programme and on Tuesday said it had reached a $3 billion staff-level agreement with the International Monetary Fund. Public debt stood at GHS467.4 billion ($55 billion) in September, according to the most recent central bank figures, 42% of which was domestic. The government "stands ready to engage in discussions with all of its external creditors to make Ghana's debt sustainable", the finance ministry said in the statement. Ghana's external bonds, which are trading at a deeply distressed level of 31-37 cents in the dollar, slipped with the 2051 bond losing 0.4 cents, Tradeweb data showed.

☆ Payments company Wise suspends Ghana cedi transfers amid volatility
▼ + stars: | 2022-12-16 | by ( Cooper Inveen | ) www.reuters.com time to read: +2 min

ACCRA, Dec 16 (Reuters) - Cross-border payments company Wise (WISEa.L) has suspended transfers in Ghana's cedi currency after a rapid appreciation against the dollar this week made it costlier to move money to the West African country, a Wise spokesperson told Reuters on Friday. Ghana, once considered a rising star among emerging market economies, is today facing a generational debt crisis. A spokesperson for London-based Wise said that cedi functions, which were suspended Thursday, would be restored "as soon as the situation has stabilised" and that only a small number of transfers were affected. "That said... we’ve seen the central bank buy dollars from the open market to shore up its reserves," Akoto said. Reporting by Cooper Inveen; Additional reporting by Rodrigo Campos; Editing by Louise Heavens and Tomasz JanowskiOur Standards: The Thomson Reuters Trust Principles.

☆ Burkina Faso summons Ghanaian ambassador over Wagner allegations
▼ + stars: | 2022-12-16 | by ( ) www.reuters.com time to read: +3 min

OUAGADOUGOU, Dec 16 (Reuters) - Burkina Faso summoned the Ghanaian ambassador on Friday morning for "explanations" after Ghana's president alleged that Burkina Faso had hired the Russian mercenary group Wagner, Burkina Faso's foreign ministry said. Burkina Faso has now entered into an arrangement to go along with Mali in employing the Wagner forces there," Akufo-Addo said, adding that it was a distressing development for Ghana. Akufo-Addo also alleged that Burkina Faso had offered Wagner a mine as payment. In a statement issued after the meeting with the ambassador, Burkina Faso's foreign ministry said it had "expressed disapproval" about the statements made by the Ghanaian president. Burkina Faso also recalled its ambassador from Ghana for a meeting, the spokesperson said.

☆ Burkina Faso aware of the dangers of Wagner force -France
▼ + stars: | 2022-12-15 | by ( John Irish | ) www.reuters.com time to read: +3 min

Speaking to reporters alongside U.S. Secretary of State Antony Blinken on Wednesday, Ghana's President Nana Akufo-Addo alleged that Burkina Faso had hired the mercenaries. Burkina Faso has now entered into an arrangement to go along with Mali in employing the Wagner forces there," he said. Prime minister of Burkina Faso in the last 10 days has been in Moscow. Officials from Burkina Faso did not immediately respond to requests for comment. Burkina Faso has not said publicly that it would consider hiring Wagner mercenaries.

☆ Africa’s World Cup: how a continent that usually underperforms finally got it right
▼ + stars: | 2022-12-13 | by ( Alasdair Howorth | ) edition.cnn.com time to read: +11 min

CNN —After the first round of games at the World Cup, an all too familiar script looked to be playing out for African football fans. Zaire was the first sub-Saharan nation to participate at the World Cup. But not only is this the most affordable World Cup for Africans, it is also the most accessible. It was a very big challenge for Brazil [in 2014].”Mohamed Kudus was the breakout star of Ghana's World Cup, scoring a brace against South Korea. That investment, along with a crop of stellar talent and Africa’s best coach, has catapulted Morocco to the World Cup semifinals.

☆ The US may have lost in the World Cup, but soccer is more popular than ever in America
▼ + stars: | 2022-12-12 | by ( Harry Enten | ) edition.cnn.com time to read: +36 min

The Atlas Lions made history as the first African team to reach a World Cup semifinal. They made history as the first all-female refereeing crew for a men's World Cup match. It was Morocco's first World Cup win since 1998 — and its third-ever at the tournament. Less spoken about is that they also rate better on television than the men do in the World Cup. We’ll just have to wait and see, though with the US, Canada and Mexico hosting the 2026 World Cup, soccer isn’t going away anytime soon.

ACCRA, Dec 9 (Reuters) - The International Monetary Fund (IMF) and Ghana are expected to reach a staff-level agreement on a loan deal by Tuesday at the latest, said three sources with knowledge of the ongoing talks. Two sources said that the IMF program was expected to be an extended credit facility, which provides financial assistance to countries. One of those sources and a third source said that major hurdles in the negotiations were overcome this week which sped up the process. Ghana turned to the IMF for help in July, and an IMF team is currently in the country until Tuesday. The cocoa, gold, and oil-producing West African nation has said it needs the deal by the end of the year.

The cedi has lost more than 50% of its value this year , pushing up the cost of Ghana's external debt. Interest payments alone absorb between 70 and 100% of the government's revenuesHOW BIG IS GHANA'S DEBT? Ghana's public debt was 467.4 billion cedis ($37.4 billion) in September, of which 42% was domestic debt, according to the most recent central bank figures released last month. Ghana's debt-to-GDPWHO OWNS GHANA'S DEBT? The fund is yet to comment on Ghana's debt sustainability or domestic bond exchange plans.

Yet for former Ghana star Derek Boateng, they hold a personal truth. “Football saved my life, because without football I don’t know where I would be or what I would be doing,” he told CNN. Just four years earlier, Ghana had competed at its first ever World Cup, in Germany, with Boateng again featuring. “Playing the World Cup is everything to me, as a football player. Pius Utomi Ekpei / AFP via Getty ImagesThat mantra lay at the heart of Boateng’s playing career, and it is a message he repeats to aspiring student-athletes at the academy.

ACCRA, Dec 5 (Reuters) - As a pair of motor-cyclists from Ghanaian startup Swoove zipped along Accra's back streets with deliveries last week, a team of software engineers tracked their progress on screens. "Businesses who can survive within this particular time frame will do even better when times get better," Kwaku Tabiri said of Swoove, which makes more than 5,000 deliveries per week. All five finalists will receive coaching from MEST throughout the life of the companies. Although Swoove did not win, Tabiri took comfort in the outlook for African innovation. Reporting by Cooper Inveen and Fracis Kokoroko; Editing by Alexander SmithOur Standards: The Thomson Reuters Trust Principles.

☆ Croatia beats Japan on penalties to reach World Cup quarterfinals
▼ + stars: | 2022-12-05 | by ( Ben Church | ) edition.cnn.com time to read: +28 min

CNN —Goalkeeper Dominik Livaković made himself a national hero as Croatia beat Japan on penalties 1-1 (3-1) to reach the World Cup quarterfinals. Marko Djurica/ReutersJapan’s heartbreakDespite its defeat, Japan can look back at an impressive World Cup campaign. They made history Thursday as the first all-female refereeing crew for a men's World Cup match. Mbappé was one of the leading stars of the team's World Cup triumph four years ago. He also became just the third goalkeeper to save three penalties in a single World Cup shootout.

☆ Japan vs. Croatia: Samurai Blue aiming to reach World Cup quarterfinals for first time
▼ + stars: | 2022-12-04 | by ( Aimee Lewis | ) edition.cnn.com time to read: +31 min

CNN —In a World Cup of surprises, Japan has played a leading role in headline-making shock results. Croatia is a team undefeated in nine of its last 10 World Cup matches. They made history Thursday as the first all-female refereeing crew for a men's World Cup match. Frappert became the first woman to referee a men's World Cup match. It was Morocco's first World Cup win since 1998 — and its third-ever at the tournament.

ACCRA, Dec 4 (Reuters) - Ghana will launch a domestic debt exchange on Monday, its Finance Minister Ken Ofori-Atta said, expressing confidence that the move would help restore macroeconomic stability and end the West African country's worst economic crisis in a generation. Ofori-Atta said in a video address on Sunday that Ghana's government had finished its debt sustainability analysis, but he did not provide any information on plans for foreign debt that are anxiously awaited by international creditors. The government is in talks with the International Monetary Fund for a support programme to relieve its debt distress. "There was little question that Ghana needed LCY (local currency debt) coupon reductions to restore macro sustainability. Ofori-Atta said the government would set up a financial stability fund with the support of development partners to help domestic financial institutions, including banks and pension funds, weather the swap.

☆ USMNT’s youth and talent at Qatar 2022 bodes well for 2026 World Cup
▼ + stars: | 2022-12-04 | by ( Issy Ronald | ) edition.cnn.com time to read: +31 min

The Netherlands knocked the USMNT out of the Qatar World Cup on Saturday. They made history Thursday as the first all-female refereeing crew for a men's World Cup match. Frappert became the first woman to referee a men's World Cup match. It was Morocco's first World Cup win since 1998 — and its third-ever at the tournament. Qatar is the first Islamic country to host a World Cup.

☆ France reaches World Cup quarterfinals with 3-1 victory over Poland as Kylian Mbappé breaks Pelé’s record
▼ + stars: | 2022-12-04 | by ( Matias Grez | ) edition.cnn.com time to read: +30 min

CNN —France was made to work hard for its place in the World Cup quarterfinals, overcoming an improved Poland side 3-1 thanks to goals from Olivier Giroud and Kylian Mbappé. That is Mbappé’s fifth goal of Qatar 2022 and already his ninth World Cup goal overall, breaking Pelé’s record of seven World Cup goals scored before the age of 24. They made history Thursday as the first all-female refereeing crew for a men's World Cup match. Issei Kato/Reuters Kylian Mbappé scores his second goal on November 26, leading France to a 2-1 victory over Denmark. Mbappé was one of the leading stars of the team's World Cup triumph four years ago.

☆ Ronaldo leads Portugal against South Korea after injury scare
▼ + stars: | 2022-12-02 | by ( ) www.reuters.com time to read: +2 min

Portugal, needing only a draw to be sure of top spot in Group H and mindful of the risk of yellow-card suspensions in the next round, have brought Diogo Dalot and Antonio Silva into the defence. Matheus Nunes, Vitinha and Joao Mario come into the midfield in place of Bernardo Silva, William Carvalho and Bruno Fernandes -- who scored twice in the 2-0 win over Uruguay -- while Ricardo Horta replaces Joao Felix up front. South Korea's Portuguese coach Paulo Bento left out central defender Kim Min-jae, who was an injury doubt, and replaced him with Kwon Kyung-won, while Lee Jae-sung and Lee Kang-in were drafted into midfield. The Koreans, with one point so far, must beat Portugal and hope the result of Ghana's match with Uruguay goes their way in order to reach the last 16. TeamsSouth Korea: Kim Seung-gyu, Kim Moon-hwan, Kwon Kyung-won, Kim Young-gwon, Kim Jin-su, Lee Jae-sung, Lee Kang-in, Jeong Woo-yeong, Hwang In-beom, Son Heung-min, Cho Gue-sungPortugal: Diogo Costa, Diogo Dalot, Pepe, Antonio Silva, Joao Cancelo, Matheus Nunes, Ruben Neves, Vitinha, Joao Mario, Cristiano Ronaldo, Ricardo HortaWriting by William Schomberg and Anita Kobylinska; Editing by Ken FerrisOur Standards: The Thomson Reuters Trust Principles.

☆ Analysis: Ghana overhaul a test for $1 billion World Bank-backed debt
▼ + stars: | 2022-12-02 | by ( Jorgelina Do Rosario | ) www.reuters.com time to read: +5 min

[1/3] A girl walks past a flag of Ghana outside the Cape Coast Castle, in Ghana, July 28, 2019. "If Ghana decides to use the guarantee, it has to pay back immediately to the World Bank," Mitu Gulati, a law professor at the University of Virginia and debt restructuring expert, said. "This is a highly protected instrument that was issued with the logic that Ghana would never default on the World Bank," Gulati said. Ghana 2030 bondIN OR OUT? Ghana has not yet said whether the 2030 issue will be part of its debt restructuring.

☆ Fed hikes and a stronger dollar are fueling risks of political instability in Africa
▼ + stars: | 2022-12-01 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

ACCRA, GHANA - NOVEMBER 05: Ghanaians march during the 'Ku Me Preko' demonstration on November 5, 2022, in Accra, Ghana. "Exposure to international interest rate changes is exacerbated by the large proportion of African public debt that is held in dollars." watch now"High public debt levels and elevated borrowing costs will constrain public spending, which will likely result in a deteriorating ESG and political risk landscape across the continent," Hunter added. Spotlight on Ghana Hunter pointed to Ghana as among the most affected by this negative feedback loop between a deepening public debt burden, a constrained fiscal position and a deteriorating ESG and political landscape. ACCRA, GHANA - NOVEMBER 05: Ghanaians march during the 'Ku Me Preko' demonstration on November 5, 2022, in Accra, Ghana.

☆ Analysis: The art of the cross lights up Ghana-South Korea thriller
▼ + stars: | 2022-11-28 | by ( Nick Mulvenney | ) www.reuters.com time to read: +2 min

The touch evaded the South Koreans after Mohammed Kudus had put Ghana ahead for the final time, however, and they repeatedly found space down the wings only for the final ball to clatter off the head of a Ghanaian defender. That reprised the opening 25 minutes of the game when the Koreans dominated possession, swinging the ball left and right across the pitch and working their neat triangulations to get into threatening positions down the flanks. The 31-year-old's delivery was even better 10 minutes later, a high arching cross that Kudus needed only the faintest touch on to guide past Kim Seung-gyu in the Korean goal. That means the coach will not be on the bench against his native Portugal in South Korea's final group game on Friday but his squad might expect a little bit of extra crossing practice over the next four days. Reporting by Nick Mulvenney, editing by Ed OsmondOur Standards: The Thomson Reuters Trust Principles.

☆ Crew on a 160-foot superyacht sleep in tiny hidden cabins and only get paid about $1,400 a month – but the tips can be big
▼ + stars: | 2022-11-27 | by ( Sam Tabahriti | ) www.businessinsider.com time to read: +3 min

It's important to get on well with your colleagues, the superyacht crew told Insider. For the crew, however, it's a rather different story: they must spend months working very long days before going to sleep in tiny cabins tucked away on the vessel. The crew cabins are hidden away at the rear of the main deck. Rijeka told Insider she's trying to save as possible to achieve her dream of opening a bar in Hawaii. GooletsThe captain's right-hand man Zoran Vidović, 39, told Insider that working on a superyacht can be very enjoyable but is often quite demanding.

☆ Debt-ridden Ghana plans to buy oil with gold instead of dollars, as foreign currency reserves dwindle to an alarming low
▼ + stars: | 2022-11-25 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Ghana's government is planning to use gold to pay for oil instead of shelling out US dollars. The move is expected to reduce the "persistent depreciation" of the cedi, the Ghanaian currency. As of end-September, Ghana's forex reserves were just enough to cover 3 months worth of imports. In order to protect the country's fast-dwindling foreign currency reserves, Ghana wants to pay for oil with gold instead of shelling out precious US dollars, Mahamudu Bawumia, the country's vice president said Thursday. However, it still has to import refined oil products such as gas and diesel, because Ghana's only oil refinery has been offline following an explosion in 2017, per Reuters.

Presenting the West African nation's 2023 budget in parliament, Ofori-Atta said Ghana was at high risk of debt distress and has agreed on a debt management strategy with the International Monetary Fund (IMF). Investment bank Morgan Stanley said on Thursday that it expected Ghana to restructure both its domestic and external debt. "The current debt sustainability analysis conducted reveals that Ghana is now considered to be in high risk of debt distress," Ofori-Atta told lawmakers. Ghana will implement a debt exchange programme to address the challenges, he added. Despite the projected increase in revenue, Ofori-Atta said the fiscal budget would increase to 7.7% of GDP from 6.6% over the coming year.

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