Finance Ministry responds to credit rating action by S&P Global
The Ministry of Finance, has reacted to the credit rating actions by S&P Global Rating and Moody’s Investor Services over the weekend.
The Ministry in a press statement commenting on the rating action by S&P Global noted that, the rating agency’s decision to maintain Ghana’s rating at ‘B-‘ with a negative outlook underscores its recognition of the challenges to the global economy die to the Covid pandemic and the long recovery road facing the global economy.
Adding that it also reflects the resilience of Ghana’s economy and an appreciation of the decisive policies taken to drive the country’s recovery process.
The Ministry further noted that, S&P Global in its rating action was re-assured of the government’s recent policy to cut expenditure by 20% to reinforce it’s fiscal consolidation process.
“Government remains committed to restoring fiscal rectitude in public finances, the recent expenditure rationalization measure underscores government’s resolve to address critacl concerns over the economy, create jobs for the youth, obtain a positive primary balance and stabilize debt,” it said.
Press Release on S and P Rating by Fuaad Dodoo on Scribd
