Gov’t “Disappointed” By S&P Rating Of Ghana

Hajara FuseiniAugust 9, 2022

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The Ministry of Finance has expressed disappointment in the Standard and Poor’s rating of Ghana’s foreign and local currency credit from B-/B to CCC+/C.

The disappointment, the government says, is in the fact that the global rating agency downgraded Ghana despite the “bold policies” undertaken by the country in 2022 to address the macro-fiscal challenges and debt sustainability.

“The government has implemented key revenue and expenditure measures, including the 30% cut in discretionary expenditure”, the Ministry of Finance said and noted that key fiscal measures like the E-levy, MDA Fees and Charges, Tax Exemption Bill are in implementation mode to help service the country’s debt.

It also noted that the IMF-sponsored programme the government is seeking will also help in offsetting the economic challenges Ghana is faced with.

Despite this rating by S&P, the Ministry said the government will be proactive in addressing the impact of external and domestic headwinds on the economy.