Ghanaian government says Moody’s B3 rating shows the economy is on the right track

Ghana’s Information Minister, Kojo Oppong Nkrumah has said that Moody’s rating of the country’s economic outlook as positive shows that the economy is on the right track.

Dr Mahamudu Bawumia

At a press briefing, the minister said the outlook from stable to positive shows that the Economic Management Team (EMT) “is very pleased with this outlook change and commits to doing more.”

“The change in outlook is a very important development especially in the context of our ratings history over the years,” he added.

Moody's has affirmed Ghana's long-term issuer and senior unsecured bond ratings at B3 and changed the outlook from stable to positive.

Moody's has also affirmed the rating of the bond enhanced by a partial guarantee from the International Development Association (IDA, Aaa stable) at B1.

Mr Oppong Nkrumah said the favourable rating shows that its “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.”

“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.”

The Vice President, Dr Mahamudu Bawumia who is also the Head of the Economic Management Team, said the ratings “certifies that the results achieved so far from the first three years of economic recovery that the managers of the economy embarked upon.”

He added that “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.”

According to him, this is an indication “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.”

He added that the government “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.”

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