Business News Tue, 10 Oct 2017

Standard & Poors (S&P), rates Ghana B- on economic outlook

Credit agency, Standard & Poor has rated Ghana B– (positive) for economic stability in its 2017 country outlook report.

The ratings which indicates a positive view of the Ghanaian economy, comes as a third in a series of credit agencies (including Fitch and Moody) that have rated Ghana on the B range in the country's economic outlooks.

S&P based its positive assessment of the economy on relative stability in the financial sector (a stable cedi), tax incentives for potential investments in the private sector – particularly, in the industrial sector among others.

Some economist in the country have expressed the view that the S&P ratings and others are as a result of the implementation of various economic policies by the President Nana Akufo – Addo led administration. They urged its continuation to ensure that it finishes the work it has started.

For instance, in the banking sector there have been the introduction of a new minimum capital to reflect the projected growth in the Ghana’s capital needs. A similar policy has also been introduced in the securities sector to ensure that local and foreign investments in the country are secured.

These and many others including the new private sector tax system, the paperless initiative at ports and the ongoing public private sector partnerships in the implementation of government’s industrialization agenda has also contributed to the country’s positive ratings.

Source: primenewsghana.com