Osafo-Maafo happy With Ghana's B+ Rating

Accra, Sept. 8, GNA - Standard and Poor (S&P), one of the world's most prominent credit rating agencies, has assigned Ghana a B+ credit rating.

Standard & Poor's Ratings
AAA	Extremely strong
AA+, AA, AA-	Very strong
A+, A, A-	Strong
BBB+, BBB, BBB-	Good
BB+, BB, BB-	Marginal
B+, B, B-	Weak
CCC	Very weak
CC	Extremely weak

This is Ghana's first sovereign credit rating and S&P's first rating under the United Nations Development Programme (UNDP) to help Sub-Saharan Africa and other developing countries to obtain sovereign credit ratings.

A statement issued by Mr Yaw Osafo-Maafo, Minister of Finance and Economic Planning, said the intent of the programme is to support countries in their efforts to mobilise resources from private capital markets, which are required to secure accelerated rates of economic growth.

Mr Osafo-Maafo explained that this is contrary to views that Ghana's accessing of the Highly Indebted Poor Countries (HIPC) Initiative would affect her credit worthiness.

"Ghana's rating compares favourably with those of Brazil and Senegal, which are also rated B+ and Turkey, which is rated B.

"The ratings would help integrate Ghana and other rated economies into the international capital markets over the coming years," the statement said.

It is also expected that the private sector would take advantage of this favourable credit rating for Ghana to seek external sources of funding to support their operations as well as meet national development aspirations.

The UNDP paid for the credit rating to be conducted.