Economy
Fitch Upgrades Ghana’s Outlook to Stable
Ghana national flag
By Dipo Olowookere
The Outlook on Ghana’s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR) has been upgraded by Fitch Ratings to Stable from Negative. Also, the West African nation’s IDRs have been affirmed at ‘B’.
A statement issued by the rating agency on Friday stated further that it has equally affirmed the issue ratings on Ghana’s senior unsecured foreign and local currency bonds at ‘B’, as well as the ‘BB-‘ rating on Ghana’s $1 billion partially guaranteed note.
Ghana’s Country Ceiling and Short-Term Foreign and Local Currency IDRs have been affirmed at ‘B’, Fitch said.
The agency said Ghana continues to make progress in stabilising its economy after its recent crisis period, with an expected revival in GDP growth, declining inflation, a more stable currency and increasing foreign exchange reserves.
Furthermore Fitch judges that the new government will make progress in reducing the budget deficit after the election-related slippage in 2016, albeit with continued downside risks.
Fitch expects growth to improve to 6 percent in 2017 from an estimated 3.6 percent in 2016, when it was hampered by lower than expected oil production and power cuts.
CPI inflation fell to 12.9 percent year on year in March, from a peak of 19 percent in March 2016. The cedi has recovered to 4.2/$, after depreciating to 4.7/$ in early March. The improvement in the macroeconomic environment has allowed the Bank of Ghana to cut its policy interest rate to 23.5 percent from a peak of 26 percent in 2016.
Further, rising oil production and the benefits from macroeconomic stability will support Ghana’s medium-term growth potential above 6 percent, a key rating strength.
Ghana experienced a blow-out in the 2016 budget deficit, which widened to an estimated 8.9 percent of GDP (on a cash basis) in the run-up to December general elections, compared with a government and IMF target of 5.3 percent, and an outturn of 6.3 percent in 2015.
The cash deficit includes up to USD1.3 billion (3% of GDP) in off-budget and unapproved spending. On a commitment basis, accounting for an additional $650 million in unpaid commitments, Ghana’s deficit widened to as much as 10.5 percent of GDP.
Fitch notes that some of the unapproved expenditure is presently being audited and a significant chunk may be written down, which would lower the deficit.
The election resulted in a win for the New Patriotic Party, Ghana’s centre-right party, which had been in opposition since 2009. In March, the new government announced its 2017 budget, which calls for fiscal consolidation, and measures to strengthen public financial management.
Fitch forecasts the 2017 budget deficit to narrow to 7.5 percent of GDP on a cash basis, and further to 5.5 percent in 2018.
The government’s 2017 deficit forecast of 6.5 percent of GDP is based on an expected increase in tax revenues and a cut to capital expenditures.
Fitch believes that the expected increase in tax revenues will be difficult to realise, as the budget contains significant tax cuts aimed at boosting the business climate. Fitch notes that Ghana has historically underperformed its budgeted revenue projections.
On the expenditure side, interest costs will continue to exert upward pressure. Ghana’s interest costs are 32 percent of its general government revenues, a level well above the ‘B’ median of 9 percent.
Also, a lack of transparency and accountability within the line ministries has persistently led to substantial off-budget spending and the accumulation of arrears.
Successful implementation of the measures outlined in the Public Financial Management Act, 2016 would help control expenditure and keep spending focused on the policy priorities outlined in the budget.
Gross general government debt has stabilised, experiencing a slight increase to 73 percent of GDP at end-2016, from 72 percent at end-2015.
Fitch expects the debt/GDP ratio to decline to around 71 percent by end-2017 due to strengthening of the exchange rate (62% of debt is foreign currency denominated), lower budget deficit and robust nominal GDP growth.
However, Ghana’s debt level will remain higher than peers both as a percentage of GDP (the ‘B’ median is 56% of GDP) and as a percentage of revenue. Ghana’s general government debt/revenue is 366%, compared with the ‘B’ median of 225 percent.
Fitch said Ghana’s $915 million Extended Credit Facility (ECF) with the IMF is a key support for the sovereign ratings.
The incoming government has signalled its commitment to complete the programme, but has engaged with the Fund in renegotiating some of the programme’s indicative targets and structural benchmarks.
IMF staff completed the fourth review of the ECF in March and it will go to the IMF Board for approval before the end of June, allowing for the dispersal of an additional $116 million. Fitch believes that the government remains committed to successfully completing the current programme, which is due to run until 2018.
Ghana’s ‘B’ IDRs reflect the following key rating drivers:
Ghana’s external finances are a rating weakness. Fitch forecasts the current account deficit to narrow slightly to 6.3 percent of GDP in 2017, from 6.7 percent in 2016, but remain above the ‘B’ median of 5.7 percent of GDP.
Increases in oil and gas exports will help Ghana’s export performance, but rising imports will keep the current account deficit from narrowing significantly. International reserves increased by $460 million in 2016, ending at $4.9 billion, about 2.8 months of current external payments.
Fitch says it expects that external debt payments due in 2017 will limit reserves accumulation and forecasts reserves to reach $5.2 billion at end-2017.
The ratings are supported by World Bank governance indictors and business environment indicators that are stronger than the ‘B’ median, underlined by the peaceful transition of power in December. However, the ratings are constrained by low GDP per capita, which at $1,509 is less than half the ‘B’ median, low human development indicators and dependence on commodity exports.
By Adedapo Adesanya
The federal government has urged Nigerians to help drive transparency in the country’s tax system as it launched the toll-free call centre and website of the Tax Ombud Office.
The Minister of Information and National Orientation, Mr Mohammed Idris, during the unveiling, described the development as a major step toward improving public confidence in the country’s tax system and enhancing access to complaint-resolution services for taxpayers.
“This is a major milestone in strengthening public trust, improving accessibility, and promoting fairness in Nigeria’s tax administration system. Effective communication and citizen engagement remain central to the success of ongoing economic reforms such as this,” the minister said.
He noted that the Bola Tinubu administration was focused on implementing reforms aimed at strengthening revenue generation, ensuring fiscal sustainability and driving national development.
According to him, “Under the visionary leadership of His Excellency, President Bola Ahmed Tinubu, the Federal Government remains steadfast in its commitment to building a stronger, more resilient, and prosperous economy through bold and strategic reforms.”
The minister stressed the importance of taxation in national development, saying it provides resources needed for investments in critical sectors such as infrastructure, healthcare, education, transportation and security.
He, however, maintained that tax administration must be built on trust, transparency and fairness rather than enforcement alone.
“Tax administration cannot succeed on enforcement alone. It must be supported by public trust, transparency, fairness, and effective communication,” Idris stated.
He explained that the Tax Ombud Office was created to serve as a bridge between taxpayers and tax authorities by providing a fair and professional platform for handling complaints and resolving disputes.
The minister also commended the introduction of the toll-free call centre and official website, describing them as important tools for improving public access to information and removing communication barriers.
“The launch of the Toll-Free Call Centre demonstrates a commitment to removing communication barriers and ensuring that Nigerians can easily seek information, make enquiries, and resolve complaints without unnecessary difficulties or financial burden,” he added.
Mr Idris further emphasised the need for sustained civic education and public enlightenment to encourage voluntary tax compliance and responsible citizenship.
“Tax education is not just about revenue generation; it is about building a culture of national participation and shared responsibility,” he said.
The minister warned that misinformation and poor communication often weaken public trust in reforms, calling for stronger collaboration among government institutions, the media, civil society groups and other stakeholders.
“Misinformation and inadequate communication often contribute to distrust and resistance to reforms. This underscores the importance of strategic media engagement and sustained public communication,” he noted.
He pledged the continued support of the Federal Ministry of Information and National Orientation in sensitising Nigerians on tax reforms, taxpayers’ rights and available complaint-resolution mechanisms.
By Adedapo Adesanya
The Minister of State for Petroleum Resources (Oil), Mr Heineken Lokpobiri, says Nigeria has continued to maintain crude oil production within its Organisation of the Petroleum Exporting Countries (OPEC) quota while simultaneously expanding its production capacity.
Mr Lokpobiri disclosed this after participating as head of the Nigerian delegation at the 41st OPEC and non-OPEC Ministerial Meeting, the 66th Joint Ministerial Monitoring Committee (JMMC) meeting, and the 193rd OPEC Conference.
According to the minister, participating countries reaffirmed existing crude oil production levels under the Declaration of Cooperation (DoC) framework, which will remain in force until December 31, 2026, as agreed at the 38th OPEC and non-OPEC Ministerial Meeting.
According to a statement on his official X handle, the meetings focused on sustaining market stability, transparency and long-term growth in the global energy industry.
“During these engagements, we reaffirmed the overall crude oil production levels for OPEC and non-OPEC Participating Countries under the Declaration of Cooperation (DoC), as agreed at the 38th OPEC and non-OPEC Ministerial Meeting, with the framework remaining in place until 31 December 2026,” Mr Lokpobiri stated.
The minister noted that member countries also reviewed progress on the Maximum Sustainable Capacity (MSC) assessment, which will serve as the benchmark for determining future production baselines from 2027.
“We also noted the importance of completing the Maximum Sustainable Capacity (MSC) assessment for all DoC countries, which will serve as the reference point for determining production baselines from 2027,” he said.
Mr Lokpobiri explained that the discussions underscored the collective commitment of oil-producing nations to maintaining a balanced market while ensuring sustainable long-term investments in the energy sector.
“These deliberations reflect our shared commitment to ensuring market stability, transparency, and long-term sustainability within the global energy sector,” he added.
For Nigeria, however, the minister said the more significant development was the country’s ability to comply with its OPEC obligations while strengthening production capabilities through ongoing reforms and investment inflows.
“For Nigeria, it is particularly noteworthy that we have consistently maintained production within our OPEC quota while simultaneously strengthening our capacity to produce more,” he stated.
He said the strategy places Nigeria in a stronger position to respond to future increases in demand without compromising market stability or national economic objectives.
“This balanced approach positions us to respond effectively to future opportunities while safeguarding the best economic interests of our people and supporting national development objectives,” Mr Lokpobiri said.
Nigeria’s crypto regulatory environment keeps shifting. Traders looking for the best crypto derivatives exchange in Nigeria are still figuring out how to navigate evolving frameworks while accessing global derivatives platforms — and the choice comes down to a handful of practical concerns: how painful is onboarding, what contracts are available, how high does leverage go, what do fees actually look like at your volume tier, and can you practice before putting real money at risk?
Choosing a Crypto Derivatives Exchange in Nigeria
A crypto derivatives exchange in Nigeria gives traders access to perpetual futures — instruments that let you speculate on price movements with leverage without holding the underlying asset. Perpetual futures don’t expire and rely on funding rate mechanisms to keep prices anchored to spot. Margin can be denominated in USDT, USDC, or the base coin.
Several factors carry extra weight for traders based in Nigeria. KYC processes can drag on or hit dead ends depending on your region, so low-barrier onboarding matters a lot. Fiat on-ramp variety, competitive fees, demo environments for learning leverage mechanics, and transparent reserve data — these are what separate serious platforms from thin wrappers. BYDFi Nigeria— the regional arm of a global exchange founded in 2020 that has been operating for over 6 years — addresses several of these needs in ways worth examining.
Six Years Running, Plus a Premier League Deal
The exchange launched in 2020 and now serves more than 1,000,000 registered users across 190+ countries and regions. Six years of continuous operation gives it a track record that newer platforms simply can’t replicate.
One credibility signal that lands particularly well in Nigeria: BYDFi became the Official Crypto Exchange Partner of Premier League club Newcastle United through a multi-year deal announced in August 2025. The Premier League has enormous Nigerian viewership, so the partnership signals brand visibility and commercial commitment. The platform is registered as a Money Services Business with FinCEN in the U.S. and holds membership in South Korea’s CODE VASP Alliance.
How Nigeria’s Regulatory Reality Shapes Platform Choice
Banking restrictions and verification bottlenecks have historically been the biggest headache for Nigerian crypto traders. For anyone evaluating a crypto derivatives exchange in Nigeria, the onboarding experience matters enormously. The exchange’s approach here is notable: users can sign up with just an email address and start trading without immediate identity verification, subject to tier-based limits.
That low-friction entry is a genuine practical edge. Optional KYC unlocks higher withdrawal limits and features like P2P trading, so anyone planning to move significant capital can verify at their own pace.
Perpetual Futures, Copy Trading, and Leverage Tools
Nigeria’s derivatives trading community has grown fast, fueled by traders who want leveraged exposure to BTC, ETH, and altcoins without the capital demands of spot accumulation. Contract infrastructure matters enormously here.
In December 2024, the platform upgraded its perpetuals system with three features experienced derivatives traders will recognise as significant: opening new positions without unrealized profits, bi-directional long/short hedging, and shared funds in full-margin mode to reduce liquidation risk. The hedging capability — holding simultaneous long and short positions on the same contract — is a tool commonly used during volatile sessions to manage directional exposure without closing positions.
Fees sit at maker 0.02% / taker 0.06% at the base VIP 0 tier. A 7-tier VIP program (VIP 0–6) offers up to 60% futures fee discount based on 30-day trading volume or asset balance.
| Feature | Details |
| Contract types | USDT-M, USDC-M, COIN-M perpetual futures |
| Leverage range | 1x – 200x |
| Base fees (VIP 0) | Maker 0.02% / Taker 0.06% |
| Max fee discount | Up to 60% (VIP 6) |
| Hedging | Bi-directional long/short on same contract |
| Copy Trading | Live since Jan 2025; starts at $10 |
Copy Trading went live in January 2025, followed by Perpetual Smart Copy Trading in August 2025. Users can automatically follow professional traders with proportional order sizing and isolated positions. Entry starts at just $10, with flexible margin options and multi-asset contract support. On the automation side, the platform offers four trading bots — Spot DCA, Spot Grid, Futures Grid, and Spot Martingale — plus a Bot Marketplace for community-created strategies.
Demo Trading: Learning Leverage at Zero Cost
Probably the most underappreciated feature for anyone entering the derivatives space. Setting up BYDFi’s demo trading account takes under two minutes. It comes preloaded with 50,000 USDT and mirrors real market conditions, supporting both USDT-M and COIN-M perpetual contracts.
For Nigerian traders new to futures, it’s a practical way to understand how margin calls and liquidation actually work before converting naira into risk capital. Not a luxury — a necessity. Any crypto derivatives exchange in Nigeria worth considering should offer this kind of risk-free practice environment.
What to Watch Going Forward
Nigeria’s crypto regulatory picture is still developing, and how global exchanges adapt to local compliance requirements will determine which platforms remain accessible. The tiered access model works today, but the broader industry trajectory points toward tighter verification standards.
The more concrete metric to track: whether the platform keeps expanding its contract types and risk-management tools.
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