Views: 1
Moody’s lowered Ghana’s long-term debt by a notch to Caa1 from B3 on Feb. 4, citing an increasingly difficult task the government faces in addressing its liquidity and debt challenges amid weak revenue generation constraints.
Ghana to Appeal Moody’s Credit Rating Downgrade on Data Used (msn.com)Ghana to Appeal Moody’s Credit Rating Downgrade on Data Us
ed (msn.com)Nana Akufo-Addo, President of Ghana and Chairperson of ECOWAS, interacts with delegates at a summit in Accra, Ghana, on February 3, 2022. (Photo by NIPAH DENNIS/AFP via Getty Images)
The downgrade omitted “key material information from the assumptions driving some of Moody’s forecasts and projections such as the 2022 budget expenditure control measures, 2022 upfront fiscal adjustments and inaccurate balance of payment statistics,” Ghana’s finance ministry said Sunday, calling the move “an institutionalized bias” against African economies.
Fitch Ratings last month downgraded Ghana’s rating to ‘B-’ from ‘B’ because West Africa’s second-largest economy has lost access to international capital markets, which could hinder its ability to meet medium-term financing needs.
Ghana to Appeal Moody’s Credit Rating Downgrade on Data Used (msn.com)