Mahama to Akufo-Addo: "Your measures are failing. We urge national discussion." S&P downgrade Featured
09 August 2022
Following the most recent downgrade of the economy by rating agency S&P, former president John Mahama has recommended the government to convene a national dialogue on the economy.
On Friday, S&P Global Ratings downgraded Ghana's sovereign foreign and local currency ratings from B- to CCC+/C, further pushing the country's debt into speculative territory. According to S&P, Ghana's limited commercial financing choices and restrictive external and fiscal buffers are the reason for its unfavorable outlook. According to S&P, the Covid-19 pandemic and the Russian conflict have made Ghana's fiscal and external imbalances worse. With the recent reduction to CCC+/C Junk rating, Mr. Mahama commented on the development on Facebook, saying, "There seems to be no end to the troubles with the Ghanaian economy. The sharp decline in the value of the Ghana Cedi over the past several days "clearly demonstrates that the mid-year review of the 2022 budget failed to regain the confidence of the investor community and the Ghanaian population." "Unfortunately, the government has not presented any serious remedial strategies to restore the economy," he continued. Even as we get ready for debt restructuring and IMF program negotiations, a national dialogue on the economy that gathers some of our brightest minds will be beneficial. www.rtvgh.com
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