Ghana eurobond yields have rocketed to 20% as twin shocks of war and rates add to pre-existing fiscal concerns
Fiscal and BOP developments also underwhelm, while high inflation (28% yoy) poses a policy dilemma
But prices (cUS$52 for '32s) are now in line with even our more pessimistic recovery values; upgrade to Buy
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This report is independent investment research as contemplated by COBS 12.2 of the FCA Handbook and is a research recommendation under COBS 12.4 of the FCA Handbook. Where it is not technically a research recommendation because the subject of the research is not listed on any European exchange, it has nevertheless been treated as a research recommendation to ensure consistent treatment of all Tellimer's research. This report has been produced by the analyst(s) named above (the "Analyst").
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