As Africa’s largest gold miner and the world’s second-largest cocoa producer, Ghana has witnessed steady growth in recent years. While the country was impacted by the Covid-19 pandemic, it navigated the crisis better than many of its income-level peers, in large part thanks to measures aimed at boosting public revenue. Ghana aims to improve its fiscal deficit in 2022 to 7.4% of GDP.
Amid record levels of cryptocurrency crime, a number of emerging markets are looking at ways to strengthen their cryptocurrency-related protections.
Emerging markets are harnessing environmental, social and governance metrics to raise debt and fund their energy transitions, with Chile recently becoming the first country to issue bonds tied specifically to sustainability goals.
A number of sub-Saharan African countries have sought to introduce taxes on electronic transactions, in response to a sustained uptake prompted by the pandemic. While such moves have been met with criticism, they represent an opportunity to significantly boost tax revenue.
Earlier this month Saudi Arabia’s Riyad Bank closed a $750m “sustainability” sukuk (Islamic bond), the latest in a wave of high-profile issuance across different regions. ESG-related sukuk are set to see rapid growth in 2022, even as the broader sukuk market softens.
A number of remittance-focused financial technology (fintech) start-ups are gaining traction in emerging markets. In doing so, they are making inroads on market share that was formerly the preserve of established financial service providers.
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