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Ghana's credit ratings: Ablakwa 'sarcastically' applauds Akufo-Addo, Bawumia

Akufo Addo Nana Addo11212 President Nana Addo Dankwa Akufo-Addo

Sun, 6 Feb 2022 Source: www.ghanaweb.com

Moody’s downgrades Ghana’s rating to Caa1; outlook stable

Ghanaians must demand answers from government over credit ratings, Ablakwa

Okudzeto Ablakwa express concern over downgrades of Ghana's credit ratings


Member of Parliament for North Tongu, Samuel Okudzeto Ablakwa, has expressed concern over Ghana’s recent credit ratings by international rating agencies such as Fitch and Moody.

He stated that Ghanaians must begin to demand answers from those at the helm of affairs, particularly the Economic Management Team.

The ranking member on Parliament’s Foreign Affairs Committee chided President Nana Addo Dankwa Akufo-Addo and his vice, Dr. Mahamudu Bawumia, for superintending over the economy to sink while hitherto trumpeted that they had a “fantastic economic management team”.

Samuel Okudzeto Ablakwa said the president and his vice had delivered “fantastic results” for the country.

“As a patriot, I do not rejoice when my country is categorized by reputable international rating agencies as junk. It is however our sacred obligation as citizens to be justifiably outraged and demand answers from those in authority who not long ago arrogantly bragged about possessing a “fantastic economic management team.” What fantastic results from the Akufo-Addo/Bawumia-led fantastic EMT!

“We all very much know that if Ghana was a corporate entity, we as the Board of Directors would have either fired the CEO and his loquacious deputy or we would be demanding their immediate resignation. Ghanaians would be even more furious when they get to know how much of taxpayers’ money the Fantastic Economic Management Team spent on their allowances and refreshments only to deliver this all-time atrocious outcome. Ghana deserves better; the black star of Africa must shine again,” he posted on his Facebook timeline.

Moody’s Investors Service (“Moody’s”) on Saturday, February 5, downgraded the Government of Ghana’s long-term issuer and senior unsecured debt ratings to Caa1 from B3 and changed the outlook to stable from negative.

The downgrade to Caa1 reflects the increasingly difficult task the government faces addressing its intertwined liquidity and debt challenges.

Weak revenue generation constrains the government’s budget flexibility and tight funding conditions on international markets have forced the government to rely on costly debt with shorter maturity.

Another international rating agency, Fitch, also downgraded Ghana's Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'B-' from 'B'. The Outlook is Negative.

Source: www.ghanaweb.com
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