Vice President Dr. Mahamudu Bawumia has taken a swipe at critics of the Ghanaian economy, saying, global economic watchers who are examining the country’s economic data see clearly that the Ghanaian economy is back on track and the future looks even better on this path.
This comes a day after international ratings agency, Moody’s, revised Ghana’s economic outlook from stable to positive whilst affirming B3 rating.
Reacting to the latest news, the Vice President who is the Head of Economic Management Team 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.”
He continued, saying: “This outlook in 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. All, including the global economic community can have hope that on this path.”
Addressing the press today, Information Minister, Kojo Oppong Nkrumah also said the government welcomes the change in the nation’s economic outlook from stable to positive by the Moody’s ratings agency, adding, the Economic Management Team is very pleased at the outlook change and commits to do more.
According to Moody’s, the decision to assign a positive outlook reflects 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.
These reforms it said 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”, it stated.
The Information Minister said the government 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”, said Mr. Oppong Nkrumah.
He continued saying 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, and all are encouraged to continue with the necessary cooperation witnessed so far to this end.
Ghana’s foreign- and local-currency bond and deposit ceilings also remained unchanged, namely the foreign-currency bond ceiling at B1, the foreign-currency deposit ceiling at Caa1, and the local-currency bond and deposit ceilings at Ba3.