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General News of Monday, 3 October 2016

Source: citifmonline.com

Moody’s rating of Ghana’s economy inaccurate – Nana Addo

The Flagbearer of the New Patriotic Party (NPP), Nana Akufo-Addo has described as inaccurate, International Credit Ratings Agency, Moody’s recent revision of Ghana’s Long Term Bond Ratings from negative to stable.

Moody’s, in its recent economic report of Ghana defined the country’s economic outlook as positive, affirming the rating at B3.

The report cited significant fiscal deficit reduction and success in implementing structural reforms over the past year, as well as reduction in government liquidity risk on the external side.

The agency pointed out that the proceeds of the US$750m Eurobond earmarked for debt repayments is part of the key drivers for the stabilization of the rating. Other reasons cited for the revision were improved balance of payments dynamics, including improved FDI inflows and continued development of oil and gas resources.

But speaking at the campaign launch of NPP Parliamentary nominee for the Weija-Gbawe constituency, Tina Mensah in Accra, Nana Addo said the ratings is not a true reflection of the current state of Ghana’s economy, adding that there are some challenges that the governing NDC is still struggling to tackle.

“Is NDC taking the massive unemployment rate in our country into account?This is not the way that the Ghanaian people want to be governed. They expect to be governed with truth not with deception, with honesty and not with lies, with policy and not with propaganda,” Nana Addo said.

Nana Addo’s comments come days after President Mahama indicated that the rating shows that government is doing something right.

According to him, the positive outcome of the bilateral talks and negotiations on his recent visit to the United Nations General Assembly and France, points to the goodwill and strong image Ghana has among her peers.

President Mahama made these comments on his return to Accra from the United Nations and UNESCO meetings.

“Our country is respected in the international community and everybody recognizes that. Ghana is rising, Ghana is doing well. In my absence we were pleased to hear that Moody’s credit rating agency has upgraded Ghana, it shows that we are doing something right and we are pleased about the way things are happening. Let us continue to work together as one nation, lets believe in ourselves and I believe that, more than the sky is the limit,” he added.