Government is happy with the recent economic outlook rating of Ghana by Moody’s ratings agency.
International Credit Ratings Agency, Moody’s revised Ghana’s economic outlook ratings from stable to positive.
It also affirmed the ratings at B3.
The Minister of Information, Kojo Oppong Nkrumah while addressing the press in Accra on Sunday said the Economic Management Team, led by the Vice President, Dr. Mahamudu Bawumia is committed to doing more to further improve Ghana’s ratings.
“The change in outlook is a very important development especially in the context of our ratings history over the years,” the Minister said.
The International Credit Rating Agency in explaining the decision to assign a positive outlook to Ghana said it reflects Moody’s rising confidence that the country’s institutions and policy settings will foster improved macroeconomic and fiscal stability over the medium term, in part as a consequence of the reforms implemented under the recent IMF reform program.
Moody’s went on further to say that, these reforms are beginning to bear fruit, as seen for example in the return to primary fiscal surpluses, measures to smooth the debt maturity profile and increasingly sustainable growth prospects.
It noted that, though pressures and risks remain, as evidenced by persistent revenue challenges, a potential repeat of pre-election fiscal cycles, and the emergence of significant arrears and further contingent liabilities in the energy sector, all contributing to rising public debt.
Dr. Bawumia, in reacting to the development, said;
This certifies that the results achieved so far from the first three years of economic recovery that the managers of the economy embarked upon. Contrary to the attempts by some to run down Ghana’s recent economic gains, this is further evidence that global economic watchers who are examining our economic data see clearly that Ghana’s economy is back on track and the future looks even better on this path.
This outlook improvement is further evidence that all including the global economic community is clear in its mind and expectations that Ghana staying on this economic management track has a very positive outlook. Things can only continue to get better.
The Information Minister said the Administration through its Economic Management Team will continue to ensure that the gains made are not compromised even in this election year.
“The Administration will further ensure that the key pillars that have contributed to this improved outlook; restored macro-stability, rebounded growth, consolidated fiscal position, improved debt management and strong institutional reforms will continue. The people of Ghana can be rest assured that the Economic Management Team will continue with the uphill climb of building a strong economy for all. All are encouraged to continue with the necessary cooperation witnessed so far to this end”.