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President John Mahama has stated that the recent upgrade from negative to stable by International rating firm, Moody’s is an indication that his government is “doing something right.”
Addressing journalists at the Kotoka International Airport upon his return from France Wednesday evening, President Mahama said “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, let’s believe in ourselves, and I believe that more than the sky is the limit…our country is respected in the international community and everybody recognises that. Ghana is rising, Ghana is doing well.”
Moody’s Investors Service, a UK-based rating agency, recently rated the Ghanaian Economy B3 – signalling stability from negative outlook.
The key drivers of the current rating, the agency said are being driven by “Significant fiscal deficit reduction and institutional reform implementation over the past year under the umbrella of the 3-year IMF programme starting April 2015;
“Reduced government liquidity risk on the external side after the successful issuance of a $750 million Eurobond in September earmarked to redeem the remaining $400 million October 2017 Eurobond maturity;
“Improved balance of payments dynamics amid continued development of oil and gas resources via higher foreign direct investment (FDI) inflows, supporting reserve buffers and reduced currency volatility.”
The stable outlook on the B3 rating, Moody added “balances these improvements against Ghana’s continuing credit challenges and vulnerabilities, including a high debt burden, very low debt affordability, elevated funding requirements and challenging medium-term international bond maturity profile.”
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