Ghana: Critics of S&P downgrade : Orishas-finance

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Ghana: Critics of S&P downgrade

10/08/2022

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After Moody's and Fitch, it's S&P's turn to be criticized for the downgrade of the country's sovereign rating at the start of the year. Indeed, S&P lowered its B-/B (local debt/external debt) rating to CCC+/C on Friday, with a negative outlook. “The government is disappointed by S&P's decision to downgrade Ghana despite the bold policies implemented in 2022 to address macro-fiscal challenges and debt sustainability,” the ministry said in a statement. According to him, the savings measures put in place at the beginning of the year will quickly bear fruit, while the deterioration of the country's economic situation has been exacerbated by external shocks.

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