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    Employ targeted-subsidized systems to check macro-economic challenges – Prof. Quartey

    Inflation in Africa: Some subsidy programs prolonging situation – Jeff Gable

    Cedi Summit comes off today at Alisa Hotel

    BoG’s supply of dollars to BDCs drops from 85% to 21% within 3 months – CBOD

    BoG, CSA deepen collaboration to fight cyber threats

    Societe Generale Ghana launches new ‘boafo loan product’ assist MSMEs

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    Intravenous Infusions PLC records 10% growth in profit in 2021

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

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    Cedi Summit comes off today at Alisa Hotel

    BoG’s supply of dollars to BDCs drops from 85% to 21% within 3 months – CBOD

    Societe Generale Ghana launches new ‘boafo loan product’ assist MSMEs

    CBOD calls for a more structured supply of Forex for petroleum products

    Bank of Namibia Governor pays courtesy call on BoG Governor

    DBG funds will not be used to buy gov’t securities – Deputy CEO assures

    Producer Price Inflation rises again to hit 33.5% in May 2022

    #CitiBusinessFestival: Garment industry needs financial support to thrive – Cyndex CEO

    Ghana tops list of countries with cheapest cost of electricity in West Africa

  • TECHNOLOGY

    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

    Citi Business Festival: Address lack of financial data challenges using MoMo – Rufai Abdul Majeed

    Citi Business Festival: Acquiring digital skills key to securing employment – Maximus Ametorgoh

    Bank of Ghana commences piloting of digital currency in Sefwi Asafo

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    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

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    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

    Modern airline tickets design with flight time and passenger name. Plane tickets vector pictogram. Airline boarding pass template. Vector illustration. The concept of air transportation

    Ticket prices to rise following B.A schedule change on Accra-London-Accra route

    Bawumia calls for more AfDB support as African economies battle global challenges

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Standard and Poor’s low credit ratings, unfortunate – Finance Ministry

September 15, 2020
in Local Economy, Top Stories
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The Ministry of Finance has described as unfortunate the recent downgrade of Ghana’s credit rating from B to B-negative by international ratings agency, S&P Global.

According to the Ministry, though it acknowledged that the downgrade was global,  it found it disturbing that the rating agencies would choose to lower its ratings at a time when economies, including Ghana, were battling an unusual crisis.

A press release issued by the Public Affairs Department of the Ministry of Finance, attributed Standard and Poor’s low credit ratings to the effects of the pandemic on the global economy.

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“Reference is made to a publication by S & P Global Ratings that the Rating Agency had lowered Ghana’s long-term foreign and local currency sovereign credit ratings to B- from B and affirmed its B short-term ratings. The outlook is adjudged stable. The COVID-19 pandemic-related expenditures elevated the fiscal policy stance. This was to ensure that we save our people and provide relief to many Ghanaians severely impacted by the pandemic. This was the fundamental reason for the lowering of the rating,” it noted.

“It is very unfortunate that rating agencies will choose to downgrade our countries in these unprecedented times,” the statement added.

The statement further added that, “As the South African Revenue Services Commissioner recently argued: ‘While we understand the underlying factors that are pointed out by the ratings agencies, we think that during such a time of crisis, when the whole world is re-calibrating and redefining its economic status, for any downgrades to be issued during this time is like kicking us when we are down’.

It however called on “Rating Agencies to seriously consider freezing any rating actions during global pandemics such as COVID-19.”

Among other things, the Ministry said the government was focused on saving lives and livelihoods, and that required some temporary fiscal and economic adjustments, including some one-off expenditures.

“The government chose to save lives and, therefore, instituted temporary life-saving initiatives and interventions aimed at protecting the general population against the negative economic effects of the pandemic,” it said.

“The government also provided credit for micro, small and medium enterprises (MSMEs) whose businesses were most impacted by the lockdown,” it said.

The statement went on to state that in spite of government’s interventions, the economic fundamentals remained strong and recovery prospects were high.

That, it said, was reflected in the positive narrative on how Ghana had managed the economy under the pandemic.

The Ministry further noted that the government had a clear path towards the restoration of economic stability in the short to medium term.

It said it would sustain the progress made and accelerate it through the GH¢100 billion Ghana CARES transformation programme within the general policy framework of the Ghana Beyond Aid agenda.

Source: citibusinessnews.com
Tags: Ministry of FinanceS & P Global Ratings
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