Ghana’s credit rating has been upgraded from a B- to a B by Standard and Poor’s (S&P), following their recent assessment of the country, and has given Ghana a stable outlook, for the first time in almost a decade.
A statement issued by the Ministry of Finance said the upgrade had come about as a result of strong efforts in monetary and fiscal policies.
It noted that debt dynamics had declined significantly for the first time in almost a decade, with the primary balance recording a surplus for the first time in almost a decade and a successful issuance of bonds at international markets during a global economic downturn.
Mr. Ken Ofori-Atta, Minister for Finance, congratulated the management of the Ministry and its agencies, adding: “…Going forward, investors are upbeat about the progress. We need to sustain the progress made so far and not derail in our efforts.”
The statement said sovereign credit ratings were a key evaluation principle for a country’s economic and political environment, which gives investors insight into the level of risk associated with investing in a particular country and has implications sourcing for cheaper funds on the international capital market; commitment to transparency in political and economic development; and for the possibility of increased foreign direct investment.
S&P noted that the upgrade reflected its assessment that Ghana’s monetary effectiveness had improved, albeit from a low base, and will support the credibility of the inflation-targeting framework over the period, adding that “the stable outlook balances Ghana’s fairly robust growth prospects, decreasing inflation, and narrower current account deficits against risks from still-high budget deficits and high stock of public sector debt”.
The statement said efforts to achieve this upgrade had been futile for almost a decade as economic downturns and volatility in outcomes had persisted for some time, while public debt dynamics increased consistently since 2006.
S&P has been rating Ghana since 2003. At the time, Ghana achieved a B+ with a stable outlook. Ghana maintained this rating bill till December 2008 when Ghana’s stable outlook was revised downward to a negative position.
Ghana is rated by three rating agencies, Fitch Ratings, Moody’s and Standard and Poor’s. To support the evaluation process, Standard Chartered Bank provides advisory services for Ghana to the rating activities.
A Civil/Structural Engineer & Freelance Blogger, Journalist, Social Media Mogul, Digital Marketer, Entrepreneur, and Philanthropist. CEO of Skyline Consortium & 9189 Media Consult and Co-Founder of Team Sarkodie. An alumnus of Prempeh College where he read General Science. He holds a first degree in Bachelor of Science from the Kwame Nkrumah University of Science and Technology. His mentors are Alvar Alto, Rupert Murdoch, Piers Mogan, Mensa Otabil, Bernard ElBernard Nelson-Eshun. Blogs for; http://www.233times.com | www.paemuka.com | http://www.playmusicgh.com | http://www.muzikiq.com | http://www.brandsaid.biz . Social Media Manager for Eon3 Group | BrandsAid | Kings Crown Media | Carabao Africa Ghana & Africa | Calvary Temple - ICGC | Team Sarkodie | Muzik IQ | Kwaw Kese Please inquire more via Email: [email protected] | [email protected] Instagram & Twitter: @wise_tskd Facebook: Ell Samwise LinkedIn: EllSamwise King Dogbeview all posts by: Ellsamwise King
233times.com is a Ghanaian media house which serves as a major source of exclusive interviews ,music and video downloads, news and more.
233times.com reports on major events,news covering entertainment, politics, sports, etc from within Ghana, Africa and beyond.
We have a platform for the amateur artistes to portray their staggering talents ...more...
To advertise with us or make enquiries, please visit 233times.com/advertise or call +233249455142 (Selorm), +233248185848 (Nana Kwesi)