Ghana’s Economic Rating Downgrade Reflects Reality – Theo Acheampong

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A political risk analyst is not surprised by the recent deterioration in Ghana’s creditworthiness.

Dr Theo Acheampong insists his assessment of citizens indicates a growing level of hardship among the population.

He made these comments on JoyNews’ Newsfile on Saturday, August 13.

This week, Ghana’s rating was downgraded by Fitch from B- to CCC, putting the country’s creditworthiness at junk status.

This update follows Standard and Poor’s (S&P) downgrade of Ghana’s foreign and local credit ratings from BB’ to CCC+C with a negative economic outlook.

These come amid the government’s call for the International Monetary Fund (IMF) for an economic bailout.

Speaking on JoyNews, Dr. Theo Acheampong said that in recent years, the hardships have been felt hard in the pockets of the people.

Many, including the country’s small traders, are feeling the pinch, which Dr Acheampong says calls for pragmatic action.

Meanwhile, companies in need of foreign investment and financing are expected to be one of the entities hardest hit by the economic downturn.

This is according to the President of the Association of Ghana Industries (AGI).

Dr Humphrey Ayim-Darke, speaking on the same show, said wholesale importers of goods and the private sector will be largely affected by the latest rating which places the country’s creditworthiness in junk status.

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