Verdict by rating agencies have been consistent and fair – Economist counters Akufo-Addo

Economist, Professor Godfred Bokpin has countered recent remarks made by President Akufo-Addo over the persistent downgrades of Ghana's economy by international credit rating agencies.

According to the president, these downgrades have significantly contributed to the current challenges in the Ghanaian economy which has now secured an IMF-supported programme to restore macroeconomic stability.

He further described the downgrades as “reckless” and one that does not auger well for developing nations such as Ghana.

Reacting to the comments, Professor Bokpin who is a lecturer of finance at the University of Ghana Business School said that the same rating agencies have often given Ghana favorable and equal opinions in the past and present which is consistent of them being neutral.

“In the last year and half, Ghana has suffered a number of downgrades. But I do not agree with the President that, they have been reckless with their ratings because the methodology used is available for everyone to see and even if you vary the methodology you will see that the ratings have been largely fair,” he explained.

He continued…"So it is very difficult to attribute bias because these rating agencies under this same government have in the past given us good ratings for us to go to the capital market to borrow so I am not sure they will change suddenly and become anti-government or reckless.”

MA/FNOQ