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-B’ to 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.
Press Release on Government’s reaction to S and P’s rating on Ghana’s economy. pic.twitter.com/hVeKmmU402
— Ministry of Finance, Ghana (@MoF_Ghana) August 8, 2022
