Government has expressed disappointment at rating agency, S&P’s decision to downgrade Ghana despite the bold policies implemented in 2022 to address macro fiscal challenges and debt sustainability which have been significantly exacerbated by the impact of the global external shocks on the economy.
A statement from the Finance Ministry, said government will continue to be proactive in addressing the impact of the external and domestic headwinds on the economy and on the lives and livelihoods of Ghanaians.
It said government has implemented key revenue and expenditure measures, including the 30 percent cut in discretionary expenditures.
The delays in the passage of key revenue measures introduced in the 2022 Budget affected revenues performance in the first half of the year.
The statement said all the revenue measures introduced in the 2022 Budget, including the review of the MDA Fees and Charges Bill, the Tax Exemption Bill, the E-Levy Bill, have all now been promulgated by Parliament.
These fiscal measures are now in full implementation mode to support fiscal and debt sustainability policies.