In 2016 a few months to the general elections, Moody’s put Ghana’s Credit Ratings at B3 with a stable outlook having previously put the outlook at negative but this was disputed by the then opposition led by then Candidate Nana Addo Dankwa Akufo-Addo.
The rating agency of international repute reported that its
rating of Ghana’s Long Term Bond Ratings from negative to stable had been due
to “significant fiscal deficit reduction and success in implementing
structural reforms over the past year, as well as reduction in government
liquidity risk on the external side.”
It had also indicated “that the proceeds of the US$750m
Eurobond earmarked for debt repayments is part of the key drivers for the
stabilization of the rating.”
“Improved balance of payments dynamics, including
improved FDI inflows and continued development of oil and gas resources”
had also been given as reasons.
But the then presidential candidate of the New Patriotic Party
(NPP) disputed the rating at the campaign launch of NPP Parliamentary nominee
at the time for the Weija-Gbawe Constituency in Accra, Tina Mensah.
argued that the rating was not the reality of the of Ghana’s economy at the
time, insisting that there were evident economic issues that the Mahama
administration had failed to resolve.
“Is NDC taking the massive unemployment rate in our country into account? This is not the way that the Ghanaian people want to be governed. They expect to be governed with truth not with deception, with honesty and not with lies, with policy and not with propaganda,” Nana Addo had asserted.
At the time however, former President John Mahama insisted
that the improved rating showed Ghana’s economy was doing well.