Former President John Mahama has advised government to hold a national dialogue on the economy following the latest downgrade of the economy by rating firm S&P.
S&P Global Ratings on Friday pushed Ghana’s debt further into speculative territory, lowering its foreign and local currency sovereign ratings to CCC+/C from B-/B.
S&P said its outlook for the country is negative, “reflecting Ghana’s limited commercial financing options, and constrained external and fiscal buffers.”
The Covid-19 pandemic and the conflict in Russia have magnified Ghana’s fiscal and external imbalances, S&P said.
Commenting on the development on Facebook, Mr Mahama said “There appears to be no end to the problems with the Ghanaian economy, with the recent downgrade to CCC+/C Junk status.
“The steep depreciation of the Ghana Cedi in recent days, clearly shows that the mid year review of the 2022 budget failed to win back the confidence of the investor community and the Ghanaian public”.
He added: “Unfortunately, no credible remedial plans have been put forward by the government to salvage the economy.
“A national dialogue on the economy, bringing some of our best brains together will serve us well, even as we prepare for debt restructuring and negotiation of an IMF programme”.
Source: Ghana/Starrfm.com.gh/