Friday, February 3, 2023
  • Home
  • News
    • Sector News
    • District News
    • World News
  • Speeches
  • GhanaToday Magazine
  • Creative Arts
  • Sports
  • Contact
No Result
View All Result
GhanaToday
  • Home
  • News
    • Sector News
    • District News
    • World News
  • Speeches
  • GhanaToday Magazine
  • Creative Arts
  • Sports
  • Contact
No Result
View All Result
GhanaToday
No Result
View All Result

Govt disappointed in S&P downgrade of economy

Govt disappointed in S&P downgrade of economy

by Ghana Today
August 11, 2022
in Business
0
Ken Ofori-Atta

Ken Ofori-Atta

">
ADVERTISEMENT

The government has expressed disappointment with Standard and Poor’s (S&P) global ratings for its recent downgrade of Ghana’s economy.

It noted that S&P Global Ratings downgraded Ghana’s foreign and local currency credit ratings from “B-/B’ To ‘CCC+/C’ with a negative outlook on 5th August 2022.

It said S&P’s decision for the downgrade was attributed to intensifying financing and external pressures on the economy.

In a statement from the Ministry of Finance, the government stated that it was disappointed about the 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 global external shocks on the economy.

“The government is optimistic and will continue to be proactive to address the impact of external and domestic headwinds on the economy and the lives and livelihoods of Ghanaians,” it stated.

It noted that the government has implemented key revenue and expenditure measures including the 30% cut in discretionary expenditures.

It disclosed that the delays in the passage of key revenue measures introduced in the 2022 Budget affected revenues performance in the first half of the year

">
ADVERTISEMENT

“However, all the revenue measures introduced in the 2022 Budget, including the review of the MDA Fees and Charges Bill, the Tax Exemption Bill, and the E-Levy Bill, have all now been promulgated by Parliament. These fiscal measures are now in full implementation mode to support our fiscal and debt sustainability policies,” it stated.

The statement assured Ghanaians that the government was well committed and confident to successfully emerge from these challenges in the shortest possible time as it has demonstrated the track record.

">

“Our current engagement with the International Monetary Fund for a Programme, incorporating our Enhanced Domestic Program (EDP), is expected to support our drive to restore and sustain macroeconomic stability; debt sustainability and promote growth and job creation whilst ensuring social protection to achieve our vision of a Ghana Beyond Aid,” it added.

Patience Anaadem, ISD

Tags: S&P
SendShareTweetShareShare
Previous Post

Stop sand winning on Amarhia Dairy Farm Lands - Deputy Lands Minister

Next Post

Human Trafficking Secretariat Trains Aviation Staff

Ghana Today

Related Posts

No Content Available
Next Post

Human Trafficking Secretariat Trains Aviation Staff

Environment Minister urges stakeholders to create awareness on Nagoya Protocol

Ghana Post launches scuttle parcel box system to improve service delivery

A section of participants

Ghana’s Non-Traditional Export earning increases by 17% in 2021

MoGCSP to launch ‘I WILL’ campaign to promote quality caregiving for children

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

">

Recent News

Education Minister urges stakeholders to uphold USAID Partnership Education

February 3, 2023

MCE admonishes contractor to speed up work Koforidua Jackson Park

February 3, 2023
Dr John Ampontuah Kumah (5th Right), Mr Tito Alai (5th Left) with other members of the delegation.

Ghana is ready to host Afreximbank’s 30th AGM – Deputy Finance Minister

February 3, 2023
">
GhanaToday

Ghana Today is your authentic, reliable News Website of the Information Services Department.

Follow Us

Browse by Category

Recent News

Education Minister urges stakeholders to uphold USAID Partnership Education

February 3, 2023

MCE admonishes contractor to speed up work Koforidua Jackson Park

February 3, 2023
  • Home
  • News
  • Speeches
  • GhanaToday Magazine
  • Creative Arts
  • Sports
  • Contact

© 2022 All Rights Reserved | GhanaToday.gov.gh

No Result
View All Result
  • Home
  • News
    • Sector News
    • District News
    • World News
  • Speeches
  • GhanaToday Magazine
  • Creative Arts
  • Sports
  • Contact

© 2022 All Rights Reserved | GhanaToday.gov.gh

GhanaToday cookies
This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Cookie settingsACCEPT
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are as essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
SAVE & ACCEPT
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.