The Finance Ministry says it is disappointed in the rating firm S&P for its downgrading of the Ghanaian economy.
According to the Ministry, the economy is struggling as a result of the impact dealt it by the global COVID pandemic.
In a statement, the MinIstry noted failed to acknowledge the measures being taken by the government to put the economy back on track.
In February this year another international rating firm Moody’s downgraded Ghana’s long-term issuer and senior unsecured debt ratings to Caa1 from B3.
Ghana’s outlook has also been moved to stable from negative.
Moody’s projects that Ghana’s government debt ratios will continue to deteriorate in the next few years with extremely weak debt affordability significantly constraining policymaking.
Moody’s estimates that government debt ended 2021 at 80% of GDP while interest payments alone consumed half of government revenue that year (positioning Ghana with the second largest ratio among Moody’s rated sovereigns)