Ghana is studying the onerous means why oil generally is a blessing and a curse. The onset of business crude manufacturing helped flip the West African nation into one of many continent’s prime funding locations, but additionally prompted successive governments to borrow to the hilt. Skittish traders have offloaded Ghana’s bonds and foreign money, the cedi, amid mounting concern over its capability to settle its money owed. The tumbling alternate price has precipitated inflation to soar. President Nana Akufo-Addo’s administration has appealed to the Worldwide Financial Fund for an help bundle of as a lot as $3 billion, and insists debt holders received’t should take successful.
Washington
Analysis | Why Ghana Went From Hero to Zero for Investors
1. Why was Ghana so standard amongst traders?
The primary sub-Saharan African nation to realize independence after colonial rule, Ghana has been a bastion of stability in a area stricken by civil unrest and coups. Peaceable elections have been held frequently for the reason that Nineties, energy has modified arms between rival events and presidents, and it has an impartial judiciary and a vibrant parliament. The world’s second-biggest grower of cocoa and Africa’s No. 2 producer of gold, it started exporting oil in late 2010. The next 12 months, gross home product leaped by virtually 14%. The economic system has expanded yearly since then, albeit at a extra modest tempo, with the federal government’s embrace of a free-market system serving to to lure overseas capital and financing.
The federal government deserted fiscal self-discipline and opened the spending faucets in anticipation of an oil windfall. However the income it earned was inadequate to cowl a succession of pricey flagship applications and it borrowed extra to plug funding gaps. Overspending was significantly rife in election years. Akufo-Addo’s administration has scrapped charges for senior highschool college students. In 2021, the federal government spent $1 billion on refinancing loans owed by non-public energy producers, a transfer that was meant to scale back the state’s electrical energy payments. A plan to strengthen a banking trade that’s been weakened by unhealthy loans has value greater than 25 billion cedis ($1.8 billion), and an estimated 8 billion cedis extra is required to finish the method. Covid-19 dealt an extra blow to the state’s already stretched funds. After promoting eurobonds for every of the earlier 9 years, Ghana was shut out of worldwide capital markets in 2022 as traders misplaced religion in its capability to service its loans. The federal government shunned an initiative that will have enabled it to droop curiosity funds, and vowed to not faucet additional help from the IMF, earlier than altering its tune in July 2022.
3. How precarious are Ghana’s funds?
The nation is on the verge of a fiscal disaster. Its 402.4 billion cedis of debt equated to 68% of gross home product on the finish of July 2022, up from 62.5% 5 years earlier. When it may now not faucet worldwide markets, the federal government resorted to taking out home loans, paying annual rates of interest of virtually 30%. The central financial institution stepped in to supply the federal government with funding after it risked defaulting on its native debt, nevertheless it plans to restrict additional help to remain inside its authorized lending threshold. The IMF has warned that the authorities should take remedial motion, together with restructuring its liabilities, to qualify for help ought to the state’s debt be deemed unsustainable.
4. How have traders responded to the meltdown?
There’s been an exodus from the foreign money and bond markets. The cedi’s decline of greater than 55% within the first 10 months of 2022 made it the world’s worst performer. Its dollar-denominated bonds commerce at yields of greater than 10 share factors above these of US Treasuries, an indication of misery.
5. What are the authorities doing to deal with the state of affairs?
In late October, Akufo-Addo dismissed hypothesis that an IMF funding deal may translate into losses for any of Ghana’s debt holders. He’s pledged to revive monetary self-discipline by lowering complete public debt to 55% of gross home product by 2028 and peg exterior debt-servicing prices to not more than 18% of annual income by that 12 months. Lawmakers need Finance Minister Ken Ofori-Atta to take the autumn for the financial disaster and have referred to as for his dismissal. The Financial institution of Ghana raised its key lending price by 10 share factors to 24.5% within the first 10 months of 2022 to help the foreign money and assist tame inflation. The central financial institution additionally elevated the money reserves that banks are required to carry and commenced shopping for {dollars} from mining and oil corporations working within the nation — strikes that have been geared toward bolstering depleting overseas reserves.
–With help from Moses Mozart Dzawu and Yinka Ibukun.
Extra tales like this can be found on bloomberg.com
The chairman of the D.C. Council said he believes the Council will approve the deal to bring the Washington Commanders back to D.C. — but it’s going to take longer than the team and the mayor have agreed to.
After months of delays, Mayor Muriel Bowser sent her 2026 budget to the Council. It includes funding for the stadium development and her 2025 supplemental budget, which includes $400 million in cuts imposed by Congress.
Since the announcement that Bowser and Commanders owner Josh Harris reached a deal to bring the team back to D.C., the big question has been: Will the D.C. Council approve the deal to spend more than $1 billion of D.C. taxpayer money?
On Thursday, Council Chairman Phil Mendelson — who has opposed public funding for the stadium — said a stadium deal will likely be approved.
“Let me be clear. I think that we, I think that ultimately, the Council will agree with the stadium. But I think that we can make the deal better,” he said. “It’s what the Council has done with every stadium proposal in the past. But this all takes time. We don’t even have the documents concerning the stadium.”
Mendelson warned there are still some obstacles, with the first being timing: The deal signed by the mayor and the team calls for Council approval by July 15 or the Commanders can pull out.
Mendelson said he doesn’t see a way the Council can approve the Commanders deal — and the budgets — until late July or early August.
“I think the July 15 deadline, which was negotiated without any collaboration or discussion with the Council, is going to be very difficult,” he said. “The members met yesterday to discuss what the budget schedule would look like, and that’s going to be difficult.”
Mendelson also expressed concerns about the financial impact of the deal for taxpayers, but he is optimistic those can be worked out.
“I have found the Commanders to be very cooperative, and they want to get this deal done, and we want to get this deal done,” Mendelson said.
The Commanders deal is far from the biggest issue facing D.C. residents in the budgets just submitted by the mayor. Both budgets will include hundreds of millions of dollars in cuts, including about $400 million in cuts imposed by Congress that have to be made before October.
Mendelson has a sober warning to D.C. residents about what those cuts will mean: “I think they should be bracing for bad news, but I don’t know exactly what that looks like. And when I say bad news, that there will be service reductions. There’ll be contracts frozen and probably some furloughs.”
The Council plans to hold public hearings on both the stadium deal and the budget cuts in coming weeks.
If the District misses that July 15 deadline to get the Commanders deal approved, the team and the District could agree to extend that deadline, or the team could opt to restart negotiations with Maryland or Virginia.
WASHINGTON, D.C. – The Washington Mystics will be kicking off their season with a home opener against the Atlanta Dream on Friday night.
The team recently shared news that guard Georgia Amoore suffered a right ACL injury back in April during practice. According to the team, “Amoore and the team will examine treatment and rehabilitation options.” There has not been an update on her injury since the team originally shared the news.
MORE RELATED NEWS: Washington Mystics guard Georgia Amoore suffers ACL injury
The game will begin at 7:30 p.m. at the CareFirst Arena in Washington, D.C.
Tickets are still available and start as low as $27, according to TicketMaster.
Corey Borner on connecting with Cowboys | Who Cares?!
Motivational speaker Corey Borner talks about connecting with Dallas Cowboys players, what went through his mind when he saw Buffalo Bill Damar Hamlin go down and safety measures he wants to see in the football world.
DALLAS – The Dallas Cowboys will face off against the Washington Commanders for their first Christmas Day game in 15 years.
The game will be played in the Washington D.C. area, the team announced on its website and social media.
Dallas Cowboys Christmas Day Game
By the numbers:
While playing on Thanksgiving Day is a tradition for the Cowboys, the team rarely plays on Christmas Day.
There have only been five games on Dec. 25 in Cowboys franchise history. One of those was an AFC Central Division playoff game.
Overall, the team’s record on Christmas Day is 2-3, according to Pro Football Hall of Fame records.
Cowboys-Commanders Past Matchups
ARLINGTON, TEXAS – JANUARY 05: Trey Lance #19 of the Dallas Cowboys looks to pass the ball against the Washington Commanders during the first quarter at AT&T Stadium on January 05, 2025 in Arlington, Texas. (Photo by Ron Jenkins/Getty Images)
By the numbers:
Dallas has a 79-49-2 record against Washington.
The two teams have played 130 times during the regular season but have only faced each other twice in the postseason. Washington won both of those games.
Last season, the Cowboys defeated the Commanders in November but lost in January.
NFL Schedule Release
What’s next:
The full NFL schedule has not been released yet.
The league is set to release the schedule at 7 p.m. on Wednesday.
Dallas Cowboys Opponents
Dig deeper:
Although the full Cowboys’ schedule has not yet been released, we do know the team will play the Philadelphia Eagles for their season opener at Lincoln Financial Field on Thursday, Sept. 4.
The Cowboys will also continue their Thanksgiving Day tradition with a game against the Kansas City Chiefs at AT&T Stadium on Nov. 27.
We also know the team’s opponents for the year. The dates and order of the matchups will be released Wednesday night.
Home
- Giants
- Eagles
- Commanders
- Packers
- Chiefs
- Chargers
- Vikings
- Cardinals
Away
- Giants
- Eagles
- Commanders
- Bears
- Broncos
- Lions
- Raiders
- Jets
- Panthers
Dallas Cowboys 2025-2026 Season
NFL Draft: Cowboys select Tyler Booker in first round
The Dallas Cowboys selected Alabama offensive guard Tyler Booker with the 12th overall pick in the NFL Draft. FOX 4’s Jeff Kolb and the Fort Worth Star-Telegram’s Nick Harris break down the pick and what was happening in the moments leading up to the pick being announced.
Big picture view:
The Cowboys are looking to bounce back from a disappointing 7-10 season.
This time around they will have a new coach, former offensive coordinator Brian Schottenheimer.
Quarterback Dak Prescott is also expected to return from a hamstring tendon avulsion that ended his season in Week 9.
Prescott enters the season 2,746 yards behind Tony Romo for the most passing yards in Cowboys history.
The Cowboys are hopeful a healthier season could lead them back to the playoffs.
The Source: The information in this story comes from the Dallas Cowboys, the NFL, the Pro Football Hall of Fame records, and past news coverage.
Georgia4 minutes ago
Dad of five vanishes while kayaking on Georgia lake long rumored to be haunted
Hawaii10 minutes ago
Hawaii troops forge alliances in Philippines | Honolulu Star-Advertiser
Idaho18 minutes ago
Obituary for Craig D Crystal at Eckersell Funeral Home
Illinois26 minutes ago
Another round of severe weather threatens Illinois, Indiana as more than 100,000 remain without power
Indiana33 minutes ago
Beating Cleveland Cavaliers Has Indiana Pacers Thinking Big With Goals
-
Austin, TX6 days agoBest Austin Salads – 15 Food Places For Good Greens!
-
Technology1 week agoBe careful what you read about an Elden Ring movie
-
Technology1 week agoNetflix is removing Black Mirror: Bandersnatch
-
World1 week agoThe Take: Can India and Pakistan avoid a fourth war over Kashmir?
-
News1 week agoReincarnated by A.I., Arizona Man Forgives His Killer at Sentencing
-
News1 week agoJefferson Griffin Concedes Defeat in N.C. Supreme Court Race
-
Health1 week agoN.I.H. Bans New Funding From U.S. Scientists to Partners Abroad
-
News1 week agoWho is the new Pope Leo XIV and what are his views?