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General News Mon, 10 Oct 2016

Moody's rating is 'an upgrade' - Economist tells Bawumia

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Comment: NDC, GO BACK TO COLLEGE & COME AGAIN!!!!

Author:
PRINCE KWASI ADADE (OFIE P33)
Date:
2016-10-10 11:10:43
Comment to:
Moody's rating is 'an upgrade' - Economist tells B

DR BAWUMIA: _____-----International rating agency Moody’s has not upgraded Ghana’s sovereign credit rating contrary to assertions by the Mahama administration to that effect, the vice-presidential nominee of the main opposition New Patriotic Party (NPP), Dr Mahamudu Bawumia, has said. Speaking at the launch of the NPP’s 2016 manifesto at the International Trade Fair Centre in Accra on Sunday, 9 October, Dr Bawumia said Ghana’s sovereign credit rating got downgraded to (B-) under President Mahama despite having oil revenue at its disposal, from (B ) positive (without oil under the NPP). Moody's Investors Service recently affirmed the Government of Ghana's issuer and senior unsecured rating at B3 and changed the outlook to stable from negative. Dr Bawumia, however, noted that nothing had changed except the revised outlook. He said, in fact, international rating agencies like Moody’s, Fitch and Standard & Poor’s now have basically the same credit rating for Ghana. “The recent revision of Ghana’s outlook from B- negative to B- stable; that is the equivalent of B3” with the revision of the outlook from negative to stable, “has resulted in a misinterpretation by this NDC government and President Mahama that Ghana’s credit rating has been upgraded.” “This is in fact not the case. Moody’s did not upgrade Ghana. Ghana’s rating under Moody’s is still B-. It is only the outlook that has been revised and that is not equivalent to a change in rating or a rating upgrade. “Sometimes one wonders whether they don’t read or they don’t understand. So, let me give Mr President a free piece of advice: ‘Mr President, please desist from embarrassing yourself by stating that Moody’s has upgraded Ghana.’ Your economic management team should explain that difference to you. “The Mo Ibrahim 2016 report on governance shows that on virtually all key development indicators such as safety, rule of law, human rights, economic opportunities, infrastructure, business environment, human development, health and public management, Ghana is worse off today than it was 10 years ago,” Dr Bawumia said.

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PRINCE KWASI ADADE (OFIE P33) on Oct 10, 2016 11:10
NDC, GO BACK TO COLLEGE & COME AGAIN!!!!