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Business News of Thursday, 30 January 2020


Flashback: How Akufo-Addo described Moody’s credit rating under Mahama

Ghana's President, Nana Addo Dankwa Akufo-Addo Ghana's President, Nana Addo Dankwa Akufo-Addo

In 2016 a few months to the general elections, Moody’s put Ghana’s Credit Ratings at B3 with a stable outlook having previously put the outlook at negative but this was disputed by the then opposition led by then-candidate Nana Addo Dankwa Akufo-Addo.

The rating agency of international repute reported that it's rating of Ghana’s Long Term Bond Ratings from negative to stable had been due to “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.”

It had also indicated “that the proceeds of the US$750m Eurobond earmarked for debt repayments is part of the key drivers for the stabilization of the rating.”

“Improved balance of payments dynamics, including improved FDI inflows and continued development of oil and gas resources” had also been given as reasons.

But the then presidential candidate of the New Patriotic Party (NPP) disputed the rating at the campaign launch of NPP Parliamentary nominee at the time for the Weija-Gbawe Constituency in Accra, Tina Mensah.