₦airaland Forum

Leading versus Lagging indicator.
We had a debt crisis.
But we are coming out of it.

obaaderemi:
Your rating is equally poor. You have a B+ with negative outlook. You are neck deep in mud, boy.

Yet you cant pay domestic debt until 2027 - let alone external.
You're completely broke until 2033 earliest.
And the more you defend the indefensible the more we laugh

Just40:
debt to GDP only shows Solvency it is debt to revenue that matters and this shows liquidity.

Ghana debt to revenue service is 35% (55 billion cedi for 2023)
Wages and salary is (44 billion cedis)



We're in a better situation

Mad cow.

Just40:
Frustration

And that is why the Kenyan economy is in a bad shape with austerity bitting hard.

The problem is not the dam but the monies your govt took and misappropriated ... Now it has to be paid back and they defaulted.

Actually KQ was only able to pay 80 million and your govt managed to pay a little but the 550 remaining has become and albatross because they don't know how to get it, just like SGR loan repayments

It terrible mad cow.

Just40:
I guess you don't know Felix Kwakye is a cabinet member of the last govt .. Felix has an obligation to push that because it benefit his political interest.

Anyway why are you desperate looking for Ghana to default?

Kenya can default on any loan it wants; that is not soverign default;
We cannot pay for dams that were never built.
Italian gov and companies can go to court or negotiate.

KQ took loan of 750M to buy Beoing dreamliners - the outstanding balance is 80m dollars.

That is chicken manure for kenya gov.

Just40:
So you have now moved from it didn't exist to now your treasury refusing to pay an international debt and finally accepting it defaulted..

Well done you e made progress

Now let me tell you why it defaulted and why it will default on KQ loan just like the SGR loan.

The Kenya treasury is spending 120% of revenue on debt servicing and wages and salaries.
This means that in order for the Kenyan treasury to forfill those 2 obligation, it had to either sacrifice part payment of wages and salary (this option will destabilize the country and create a political uprising) so it choosed the safest option which was to default on those obligations. Meaning you country had no money


Ghana never obligated on any of it IPP payments... We paid it all and successful renegotiated those obligation overhang to zero.

Ghana had no obligation to PDS, infact PDS has an obligation to Ghana for fraud and Ghana will be sueing them.
The US govt got pissed that we cancelled the contract with that company.

There's no equalism here

I know he is mad.
I am normally interested in sharing info with others.

popizaino:
Save words and post from the horses mouth themselves. It's obvious you are dealing with a robot who has been programmed not to agree with you.

What do you think a default is? Did you expect Ghana to say they will never pay? They have announced unilaterally without any negotiation with bond holders they are unable to pay until 2026. So if you had bought Ghana gov debt - wait for 2026. And you now never know - they will keep pushing the dates - because things are elephant

That is sovereign default.

What will happen - no one will lend to Ghana gov in the next decade or two - because nobody trust Ghana gov anymore.

So locked out of domestic and external debt market - it will only depend on IMF. And IMF will colonize the broke country for a decade plus.

Other consequence on Cedis and interest rate will be clear. The oncoming banking crisis will also be clear.

Just40:
Real blood is what is happening on Kenyan street as austerity measures are bitting Kenyans hard..

With a high level of uselessness in Kenyan finances, your country will be lucky in that volatile region if the people don't turn on your govt with such cuts.

I know you don't know anything about the bonds Market so you think buybacks, exit bonds and exchange bonds are defaults..

#Ghana downgraded by #Moodys to #SriLanka level few days ago.

The rest will follow.

I know you dont understand these things until you see blood on the streets.

It's coming. I told you few months ago - that default was coming before xmas.

Just40:
crazy kid... I know these things are beyond your level of understanding

Read a lot more and learn .... Skeletal zombie

Too late.
Nobody can buy a bankrupt country.
Recovery the earliest is in 2032.

gallivant:
Nonsense. Things are getting worse in that zoo. Auction the country before its value depreciate further.

https://pbs.twimg.com/media/FjBHYgfXoAEzOu2.jpg

Mad cow you truly a specimen.

Just40:
As usual you don't know the terms of a bond .


It is also not a default ... Exchanging bond for new ones which reflect current market prices is a part of bond legal clauses which every investor knows of...
At the same rate their coupon can increase, it can also decrease.

The investors knows the bond market risks and signed up for it


Learn ... There are so many tools to create liquidity

Eurobond default and haircut.
https://www.bloomberg.com/news/articles/2022-11-24/ghana-proposes-losses-for-eurobond-holders-in-debt-restructure
Ghana Eurobonds Steady as Country Proposes Debt Restructure
Haircut may be up to 30%, deputy finance minister Kumah says
Reorganization needed to make debt sustainable for IMF loan

Just40:
Actually we are paying for everything as budgeted for in our 2023 budget ...

Actually, our banks will survive it because a special fund was already created for them to make sure that there's no spill over effect.

Seek an education on the bond market before you start posting nonsense as usual

Kenya need that advise more, sell everything you have because the next recommendations from the IMF will be a lot brutal on Kenyans than they're already facing with the Kenyan govt currently unable to pay it obligation for service rendered because IMF has asked the Kenyan govt to cut 40% of it expenditure in order to have some relief in it classic debt default

Nigeria is next after Ghana.

Thanks to sky-high inflation, Nigerians don't know the price of anything anymore . Today, I measure Nigeria's annual inflation at a soaring 51%/yr. When will Sleepy Buhari wake up?

obaaderemi:
Psychological projection is one thing they're good at.

We have handled the situation better. We are out of trouble domestically. Liquidity is back to debt market. Last bond was oversubscribed. Gov offered a switch bond recently - and got very good subscription.

Externally - kenya remain locked out of debt market - but we are cutting our expenditure anyways.

What Ghana has done is to declare they are BANKRUPT

This is sovereign default; this is Sri Lanka and Lebanon.

Now wait for the music

chrisooblog:
I would be more worried about Kenya if I were you.

Ghana - look like Ghana debt sustainability is complete - and unlike the mad cow theory that they had liquidity problem - they actually have structural debt problem.

Now we wait for the market reaction . This is essentially a Sovereign Default.

This could essentially lock Ghana out of both domestic and foreign debt market.


UPDATE: Ghana's domestic debt restructuring
1. Bonds existing as of Dec 1st have been swapped for 4 new bonds maturing in 2027, 2029, 2032 & 2037.
2. Coupons set at 0.0% in 2023, 5.0% in 2024 & 10.0% from 2025 to maturity
3. T-bills have been spared restructuring

Ghana officially ask local bondholders to take an haircut

Ghana is asking local bondholders to accept losses on interest payments as it restructures its debt to qualify for a loan from the IMF

Obaboon did I damage your little ego yesterday?
So you were done?
when did we become one?

obaaderemi:

I was done with the kibera monkey since yesterday. His IQ is just a tad above those of his stvpid friends here.

Sounds like my mother is better than your mother.

Mad cow - elevate your debate.

Just40:
Ghana's pineapples has been an export commodity since 1800s .. So it is no wonder to us that our fresh produce has more value than that of your country.

Your product export is insignificant to even make a dent

I see you've adopted the mad cow strategy.
Make the most ridiculous statements.

obaaderemi:
Bata is bigger in Nigeria than Kenya. But they have many indigenous shoe making companies to compete with here, unlike Kenya that's easily dominated.

It copy paste of Ethiopia flag with black star.

Nobody has seen a black star.

Star light up at night.

I dont know of a black star.

You run out of creativity?

Just40:
The Ghana flag was designed from Ghana's struggle and not a copy..

It's not our fault that Kenyans were not educated and ended up slapping unmatching colours with no story.

The person that design your flag had no sense of colours

Entire west africa has no National Airline.
That should tell you something.
Kenya, Ethiopia and Rwanda kicking arse.
Uganda and Tanzania starting

You're exporting forex in airlines because frankly you cannot manage airlines

Just40:
no one flys Accra to Dakar .... No wonder KQ flights are mostly empty
You guys will keep making losses

No west African use KQ for anything especially when their goods transit through Dubai, they either use Emirates, Qatar or Turkish

These guys offers the best service.

I have been online obaboon since 1999.
That time google was not known - we "discovered" with my friend this very efficient search engine.


Those one supported a loser called Raila and are now under depression - we have to keep them on suicide watch

obaaderemi:
You are the one with the comebacks. You are the one comparing your backwater country to every other country here. You've murdered sleep and must continue to suffer the consequences. You won't rest anymore and we will continue kicking you around till you die off like others who were more active than you in the past, such as Tasha Maria and the Kiberawalker guy.

When is Ghana Airways taking off

Just40:


Terrible flights with no AC, stinking bathrooms that are mostly inoperable.

Delta airlines recently tried flying a faulty plane on it Ghana route and they were sacked mid flight to return back to the US and change the plane.

Sounds like kenya in 1930s. Still celebrating getting listed in Walmart.

Delmonte has been in kenya since 1948!!!!!

For nearly 50 years, Del Monte Kenya has been dedicated to the economic development and prosperity of this region. The Company, as the single largest economic driver in the region, proudly provides valuable employment to more than 6,500 Kenyans and indirectly supports more than 28,000 other job

Just40:
you don't have to see them... You just have to here

The best pineapples you'll ever taste comes from Ghana...

No wonder Walmart has run out of Ghanaian pineapple juice

Premium taste is responsible for our 6 billion fruit and veggies export

https://www.youtube.com/watch?v=FdB0ai5wUYc

I am here until I go to kenya. It's better than going to French or Swiss bar. I get my beer and my keyboard. Then I have funs seeing LOW IQ BONOBOS trying their best comeback.

It like this electronic mosquito thing you buy in kenya streets that you swatch them

It fun.

Next week I will be in Nairobi - then Kenya coast - and you will see me next year.

obaaderemi:
I left him here still ranting like the madman he is last night after I'd made my points. Seems he is all yours tonight.

Why copy Ethiopia flag?

Just40:
yet all your inspiration comes from us because we birth your country that never took education seriously

Get serious and get working and stop making excuses for poor performance

KQ has been allowed to fly from Accra to Dakar.
KQ is expensive.
This you can confirm easily.
Not for your type

KQ has it customers - west african women businessmen who bring in shietload of fake hair for your girlfriend

Just40:
sorry.. no one use KQ for anything here

Your argument has moved from KQ provide cheap service to now expensive flight.

No one trust KQ and that is why it is not used , your service are regarded as poor compare to what Qatar, Emirates, KLM and co offers

How is Nigeria Airway or Air peace

68816419:
Best my foot

But they left kenya in 1963. They dug in Zimbwabwe until 1975. They left South Africa in 1994 - well they have not. Kenya had direct colonilization like Zim and South Africa. The rest they colonized the king and he would do as needed.

obaaderemi:
The maumau skirmish was one sided throughout. The British were bastards to hurt Kenyans so much.

Who knows. Never seen them

Just40:
Sorry kiddo

The best known pineapples is called Ghana pineapples

Whether white or yellow, the taste is supernatural...

That is why we export more than your country

Slaving kingdom with slave dungeoins come on; Ethiopia is our neigherbour; if we ever need inspiration; we can look north. You copied Ethiopean flag completely.

Just40:
If not for Ghana, your country wouldn't have been given independence because you guys were not educated and couldn't handle anything in that zoo.

The famous African Brits struggles started in the 1800s in Ghana 1952 is one and half century late

Ghana was basically had to fight for her independence and started far back in 1800s when we refused the queen having ownership of our lands.

In Ghana, we used our brains and went to court and forced them out.

In Kenya, your country was less profitable for the Brits because you had nothing. After years of castrating your father's, the Brits felt sorry and decided to hand you your independence while calling on Ghana to help you with it because Brits were broke by then and couldn't continue financing a useless terrible.

They use KQ expensive flights to import chinese trinkets - they dont mind the prices - as long as they can transport cargo

Just40:
I thought you said Ghanaians couldn't afford your service ... And I just illustrated why Ghanaians will not use your service because they consider yours primitive and rickety

Ghana copied Ethiopia flag - Ethiopia was never colonized - and added a black star to copy US - for their slaves export.

It consists of the Ethiopian Pan-African colours of Red, Gold, and Green, in horizontal stripes, with a black five-pointed star in the centre of the gold stripe