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Ghana Completes $13 Billion Eurobond Restructuring

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Ghana recently completed the restructuring of about $13 billion of its Eurobond debt, marking a significant milestone in its efforts towards financial recovery and debt sustainability.

Over 98% of bondholders participated in the debt restructuring, showcasing strong support from creditors. This high participation rate is crucial for the success of such financial maneuvers.

The restructuring involved a haircut on the principal, with the rate increased to 37% from an earlier proposal of 33%. This adjustment in terms was part of negotiations to meet the requirements set by the International Monetary Fund (IMF) for further financial support.

This restructuring is a key step in Ghana’s broader economic strategy under its IMF programme, aiming to reduce its debt-to-GDP ratio to around 55% by 2028, which is part of the conditions for ongoing IMF support and reviews.

The successful restructuring is seen as turning a page for investors in Ghana, potentially signaling a return to international financial markets with renewed confidence.

This move is expected to help normalize relations with international capital markets, providing Ghana with better access to global financing.

Bondholders had options including a “Disco menu” of new notes and a “Par menu” with a cap, indicating a structured approach to manage the debt overhaul while offering flexibility to investors.

This restructuring not only addresses immediate financial pressures but also aims to restore investor confidence, paving the way for economic recovery and potentially more favorable terms in future borrowings.

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LeBron James Endorses Kamala Harris

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LeBron James has officially endorsed Kamala Harris for the U.S. presidential election. This endorsement was made public through social media posts where James shared a video montage highlighting what he perceives as Donald Trump’s racist and xenophobic rhetoric, juxtaposed with imagery from civil rights movements and protests.

The video concluded with the message “Hate Takes Us Back.” James’s endorsement of Harris was not unexpected, given his past support for Democratic candidates, including his endorsement of Joe Biden during the 2020 election and previous support for Barack Obama and Hillary Clinton.

This move by James comes at a critical time, days before the election, emphasizing his stance against Trump’s comments and policies.

His endorsement, shared across his extensive social media following, which includes over 200 million followers combined on Instagram and X, aims to leverage his influence to sway public opinion towards Harris.

This endorsement is part of a broader trend where high-profile figures in sports and entertainment are actively endorsing political candidates, reflecting the intersection of sports, politics, and celebrity influence in contemporary American culture.

For the latest updates or more detailed analyses, one would typically look into recent news articles, official statements, or further posts from LeBron James or related political campaigns, but as of the last update, this is the core of LeBron James’s latest political endorsement activity.

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Ghana Election: Dr. Bawumia Endorsements

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Dr. Mahamudu Bawumia, the presidential candidate for the New Patriotic Party (NPP) in Ghana’s upcoming 2024 general elections, has seen notable endorsements and movements in public sentiment according to recent information available.

There have been various endorsements from different sectors of Ghanaian society for Dr. Bawumia. For instance, there’s mention of endorsements from regions like the Ashanti Region, and specific constituencies like Savelugu, Sagnarigu, Tamale Central, Tamale North, and Tamale South. These endorsements indicate a broad base of support across different regions, suggesting a strong grassroots campaign for Dr. Bawumia.

Dr. Bawumia’s campaign seems to be focusing on issues like the economy, jobs, and education, which resonate with voter concerns. His selection of Matthew Opoku Prempeh (Napo) as his running mate was a strategic move, given Napo’s background in education and his role in implementing significant educational policies like the Free Senior High School program.

Recent polls have shown varying results. While some polls indicated Dr. Bawumia leading by a slight margin over John Dramani Mahama of the National Democratic Congress (NDC), others suggested Mahama might have a lead. These polls reflect the tight race and the fluid nature of voter preferences as the election approaches.

Despite endorsements, Dr. Bawumia’s campaign has not been without challenges. There have been criticisms and political jabs from opponents, including accusations of insults from his camp, which he has addressed, emphasizing a focus on policies rather than personal attacks.

The mention of endorsements from diverse groups, including traders like those from Makola and influential figures within and outside his party, underscores a campaign strategy aimed at building a broad coalition of support, appealing to both urban and rural voters, and across different economic and social classes.

Dr. Bawumia’s campaign into the 2024 election illustrates a mix of strong endorsements, a focus on key voter issues, and a dynamic interaction with public sentiment as reflected on platforms like X.

His campaign’s narrative seems to pivot around economic transformation, educational reform, and leveraging his economic background to address Ghana’s challenges, amidst a competitive electoral landscape.

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Ghana Launches 5G Internet Service

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Ghana officially launched its 5G internet service on Saturday November 1, 2024, with the service initially covering the cities of Accra, Kumasi, and Takoradi. This rollout marks a significant step towards enhancing digital connectivity across the country.

The initiative is spearheaded by a consortium named Next Gen InfraCo (NGIC), which includes government collaboration with private firms like Ascend Digital, K-NET, Radisys, Nokia, Tech Mahindra, AT Ghana, and Telecel Ghana.

The launch event was held at La Palm Royal Beach Hotel in Accra, with President Nana Addo Dankwa Akufo-Addo and Minister of Communications Ursula Owusu-Ekuful inaugurating the service.

 

Initially, 5G services focus on urban centers but with plans for expansion to more urban areas by the end of 2024 and rural regions by 2026.

The introduction of 5G aims to bridge the digital divide, promote financial inclusion, and enhance services in sectors like education, healthcare, and digital payments. The government has emphasized affordable data packages and is working with telecom providers to ensure widespread access.

NGIC has been awarded a 10-year exclusivity agreement to build nationwide 5G infrastructure, which will be open to all telecom operators to promote fair service delivery.

This launch positions Ghana at the forefront of digital connectivity in Africa, aiming to transform into a digital hub with implications for economic growth, technological innovation, and improved service delivery across various sectors.

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