- Losses in four stocks spurred declines of -0.79% and -0.32% in the GSE-CI and GSE-FSI.
- Government is expected to seek long-term funding with the issuance of a new 6-Year Bond this week. Book building will commence on Wednesday 15th July 2020.
ECONOMIC SCOOP
African Sovereigns to experience long-lasting economic, financial and social threat post COVID-19 – Moody’s
- International Rating Agency, Moody’s expects African countries to see a slow pace of recovery in the aftermath of the Coronavirus pandemic following border closures and broader lockdown measures which have slowed economic activities.
- Another consideration was the fall in revenues from the economic slowdown, as against a rise in healthcare spending, which is expected to lead to widening fiscal deficits and increase in borrowing requirements.
- Moody’s singled out countries like Mozambique, Zambia and Ghana to possibly face liquidity stress for the rest of the year, on the back of a negative outlook and elevated credit risk.
