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Free Member · Join Date: 9 Dec, 2017 · Posts 536
7 Sep, 2018 · #1
ACCRA Nike Air Force One Low Men's Premium Black Sale , Feb. 28 (Xinhua) -- International credit rating house, Fitch said on Friday that meeting the targets set in the program by the International Monetary Fund (IMF) poses a tough challenge for the government of Ghana.


"Meeting the ambitious fiscal consolidation targets, will be challenging ahead of elections in 2016," the rating house said in a release.


Ghana and the IMF announced a staff level agreement on Thursday, which is awaiting the approval of the IMF board by early April.


Fitch believed that the three-year program expected to be worth 940 million U.S Dollars in balance of payment support will provide an impetus for donors to re-engage with Ghana, providing much needed foreign currency.


It added that the focus on three areas: "restraining and prioritizing public expenditure Men's Nike Air Force One High Premium Black Sale , increasing tax collection and strengthening the effectiveness of the central bank's monetary policy" clearly identified Ghana's key sovereign credit weaknesses; and successful implementation would improve fiscal discipline, help to restore macroeconomic stability and support the currency.


"Demonstrable commitment to implementing the program over its life could therefore be positive for Ghana's sovereign rating," Fitch stated.


It however considered the IMF's budget deficit target of 7.5 percent of Gross Domestic Product (GDP) in 2015 from 9.5 percent in 2014, as ambitious.


The government's own fiscal deficit target announced in the 2015 budget statement was 6.5 percent and reflects the impact of lower oil prices and weaker growth, but Fitch says an 8.0 percent deficit target for 2015 was more realistic.


It also projected that considering the deepening electricity crisis, which could drag growth lower Men's Nike Air Force One 07 Low Gold White Sale , and the likely pressure that the upcoming elections will exert on spending, a 3.5 percent deficit target projected by the IMF for 2015 was too optimistic, pointing out the renewed pressure on the local cedi currency.


The agency did not do any new rating of the West African country, but explained: "The Negative Outlook on Ghana's 'B' sovereign rating reflects the risks to external financing capacity and the challenge and cost of financing the deficit. Increased external financing pressures would put further downward pressure on the rating."


It however noted that "an IMF program should reduce external vulnerability and support reserve accumulation, helped by a narrowing of the current account deficit due to import compression. "


"Donors who withheld around 200 million dollars in grants in 2014 will likely re-engage and the presence of the IMF will unlock access to cheaper concessional financing," Fitch hopes.


When this happens Nike Air Force 1 Low Jester XX Men's All White Sale , the rating agency projects that it should reduce finance costs and bring in dollars, while the recent successful three-year bond which saw over 70 percent foreign participation would herald a renewed investor interest in the country.


Meanwhile, yields narrowed for the second time in a row on Friday on the benchmark 91-Day Treasury Bills (TBs) issued here by the Bank of Ghana.


Another top Tesla executive in China has left the company, a Tesla PR employee in Beijing confirmed with the Global Times on Wednesday, after the China sales numbers undershot its CEO's expectations.


June Jin Jun, Tesla's vice president for communications and the chief marketing officer for the Chinese market Nike Air Force 1 Upstep Low Jogging Particle Rose White Sale , is no longer with the company, according to the PR employee, who declined to be named.


The PR employee did not offer further details on Jin's departure citing company policies.


Jin is the third high-ranking China executive to leave Tesla in less than one year. Veronica Wu Bixuan, former head of Tesla China, left Tesla in December. In March 2014, Wu's predecessor Kinston Chang also left the company.


During the Detroit auto show in January Off-White x Nike Air Force 1 Low Casual Black White Sale , Tesla CEO Elon Musk said that China sales were weaker than expected partly due to "communications issues," mostly over charging.


He said there's a misunderstanding that charging is difficult in China, according to media reports last month.


Weak performance in China has been a major reason for the frequent changes in Tesla's top leadership in China, analysts said.


Tesla only sold about 120 cars in China last month, Reuters reported Tuesday, citing sources close to Tesla. Musk threatened to fire or demote managers in an internal e-mail in late January Nike Air Force 1 Low Just Do It Pack Men's Orange White Sale , if they are "not on a clear path to positive long-term cash flow," the report said.


The US is currently the largest market for Tesla. In 2014, Tesla sold about 18,700 units of cars in the market, according to the Reuters report, citing consultancy data.


The company expects China to also become "one of the largest markets within a few years Nike Air Force 1 High Just Do It White Men's Sale ," and has set a sales target of selling 33,000 units of cars globally in 2014, according to its third-quarter financial reports.


Data from Shanghai-based industry consultancy LMC Automotive showed that around 2,500 units of Tesla's Model S have been registered for car plates in the mainland in 2014, with 1,588 Model S cars registered in the fourth quarter.


"The number is already fairly good Nike Air Force 270 Men's Purple Black Sale , since the luxury electric car mainly targets limited consumers in China and most people still feel unsure about charging facilities," Zhu Bin, a senior analyst at LMC Automotive, told the Global Times on Wednesday.


Zhu noted that as Tesla only offers one single product in the Chinese market, it is unlikely the company will see continuous robust growth unless new models are introduced.


Tesla initially received widespread attention from media and consumers after it started pre-orders in August 2013 in China.


"But brand-building needs long-term efforts. It demands more than just a moment of passion before a brand could gain a strong foothold in a market," said Wu Shuocheng Nike Air Force One Mid 07 Black Sale , an analyst at consultancy Menutor Consulting Shanghai Co.




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