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In A Bad Mood-y. Critical News, 22nd March 2015

Posted by Business in Ghana on March 22, 2015

Sydney Casely-Hayford, sydney@bizghana.com

I was a reluctant walker up McCarthy Hill this morning. Very tired from a late night blitz, after one bottle of Guinness and some “rice and plasas”, I traipsed home to the now inevitable “dumsor” and lived with the gloom of a life I did not ask for but choose to be in.

Tired legs and an aging body, both conspirators in the endless dedication to keep me unhealthy, that I get sick so I might die young, but not till my work on this planet is completed and I move to Mars.

I have great hopes that Mars will be habitable by the time I am too old. It takes 150 days and 55,757,930km to reach, which means I am out even before I start the journey. I can only hope they find me a burial spot there, and since we Africans are not capable of creating an Awudome on that planet, I will have to contend with Arlington cemetery without US Citizenship.

So international rating agency Moody’s has been creating havoc for this government for quite some time. This past week, we have been downgraded from B2 to B3 and classified negative. To the non-financial person on the street, what this means is it will cost us more in interest rates and with tighter conditions if we attempt once again, which we are determined to do in May this year, to borrow another $1billion.

We have bonds falling due. The first is in October this year for $531million and the next two, in 2023 and 2024 for $1billion each. Finance Minister has put forward a refinancing plan to Parliament for approval and a cursory look at the document confirms much of what we say every time. Read the rest of this entry »

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