Fitch ratings give Ghana’s economy a stable outlook
Moody’s rating gives Ghana’s economy a negative outlook
Ghana’s worst credit ratings since 2000
Bolgatanga Central Constituency MP Isaac Adongo has suggested that rating agencies have taken too long to disclose the true state of the Ghanaian economy.
In an article previewed by GhanaWeb, the MP said that “Ghana’s government seems a bit lucky in that the rating agencies have been slow to release Ghana’s junk classification, which the markets knew anyway and with which they we’re fighting. “
“Essentially, Fitch, Moody’s and Standard & Poor’s (S&P) are just playing catch-up with confirmation of verdicts and investor woes on Ghana’s substantial risks and bleak economic outlook.”
According to him, the rating agencies were disappointing the markets by delaying their signaling of Ghana’s deteriorating creditworthiness and bleak economic outlook.
Fitch Ratings in its latest ratings gave the country a negative outlook while Moody’s gave the country a stable outlook.
“Ghana suffered its worst post-HIPC/MDRI credit rating downgrade this year when Fitch Ratings and Moody’s Investor Services downgraded the country’s rating to B negative and Caa1 in mid-January and early February respectively. respectively.
The latest rating places the country in the “red zone” of the scale used by rating agencies to assess the creditworthiness of sovereigns around the world.
He went on to say that this means Ghana’s debts are, for the first time since the 2000s, seen as highly speculative and substantially risky by investors and analysts. In other words, Ghana’s debts are considered junk by investors.