Connect with us

Hi, what are you looking for?


S&P’s downgrade of Ghana’s economy to ‘C’ worst in 13yrs expected -UGBS Prof.

Lord Mensah

S&P’s downgrade of Ghana’s economy to ‘C’ worst in 13yrs expected -UGBS Prof.

“I don’t expect Ghana’s Finance Minister to challenge S&P Global’s downgrade of Ghana’s economy because government has no forex reserve, many businesses will be out of business”, University of Ghana Business School Professor Lord Mensah said in an interview monitored by African Editors. His latest reaction follows Finance Ministry’s statement that it is disappointed in the S&P Global’s downgrade of Ghana’s economy from B- to CCC+.

S&P Global’s downgrade of Ghana’s economy disappointing – Ofori-Atta

Ghana’s Finance Ministry says it is disappointed in the rating firm S&P for its downgrading of the Ghanaian economy.

According to the Ministry, the economy is struggling as a result of the impact dealt it by the global COVID pandemic.

In a statement, the Finance Ministry noted failed to acknowledge the measures being taken by the government to put the economy back on track.

In February this year another international rating firm Moody’s downgraded Ghana’s long-term issuer and senior unsecured debt ratings to Caa1 from B3.

Ghana’s outlook has also been moved to stable from negative.

Moody’s projects that Ghana’s government debt ratios will continue to deteriorate in the next few years with extremely weak debt affordability significantly constraining policymaking.

Moody’s estimates that government debt ended 2021 at 80% of GDP while interest payments alone consumed half of government revenue that year (positioning Ghana with the second largest ratio among Moody’s rated sovereigns)

Read the full statement 

Lord Mensah


There is a good reason why you should support the African Editors. Not everyone can afford to pay for news right now. That is why we keep our journalism open for everyone to read, including in Ghana. If this is you, please continue to read for free. But if you are able to, then there are three good reasons to support us today.

1. Our quality, journalism is a scrutinising force at a time when the rich and powerful are getting away with more and more.

2. We are independent and have no billionaire owner pulling the strings, so your money directly powers our reporting.

3. It doesn’t cost much, and takes less time than it took to read this message.

Help power the African Editors' journalism for the years to come, whether with a small sum or a larger one. If you can, please support us on a monthly basis from just 1 Ghana Cedi through mobile money number: 0599896099/ +23359989609 and you can be rest assured that you’re making a big impact every single month in support of open, independent journalism. Thank you.

Click to comment

Leave a Reply

You May Also Like


Neglected tropical diseases rising in E/R- GHS Eastern Regional Health Directorate says there is disturbing increase in cases of neglected tropical Diseases in the...


At vero eos et accusamus et iusto odio dignissimos ducimus qui blanditiis praesentium voluptatum deleniti atque corrupti quos.


Kagame Tells Europe that Africa Doesn’t Need Adult Supervision but Fair Trade.    There is a good reason why you should support the African...


Daasebre Oti Boateng introduces Root-Based Model to Akufo-Addo, Bawumia, commends them for 2021 Census & Covid-19 fight Omanhene of New Juaben, Chancellor of All...

Copyright © 2023, Ltd was developed by Wordswar Technology & Investment, Inc. Contact us on +233246187160

%d bloggers like this: