Economist supports government to rubbish current ratings of economy by S&P as unnecessary

S&P ratings
Prof. Godfred Bokpin.

An Economist, Prof. Godfred Bokpin says the current ratings of the Economy by S&P is of no use to the country at the moment.

He said Ghana is currently faced with economic crisis and locked out of the international market; therefore, the rating is not necessary.

His comment follows a rating by Standard and Poor’s (S&P) global ratings, which downgraded Ghana’s foreign and local credit ratings from B-Bto CCC+C with a negative economic outlook.

Speaking to GBC News, Prof. Bokpin said the most important thing is for the government to focus on a way to re-enter the market and also how to come out of the IMF.

He advised the government to also withdraw the E-Levy and cut down on the size of government to boost investor confidence.

Meanwhile, Government earlier responded to the ratings, saying it is disappointed by S&P’s decision to downgrade the Ghanaian economy despite some “bold policies” it has implemented to address macro-fiscal challenges and debt sustainability.

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