Living within our means, our hope for economic recovery

BY: Graphic Business
Ken Ofori-Atta — Minister of Finance

On August 5, 2022, Standard and Poor’s (S&P) Global Ratings downgraded Ghana’s foreign and local currency credit ratings from B-/B To CCC+/C, with a negative outlook.

According to S&P, the downgrade was due to intensifying financial and external pressures on the economy.

Within the same week, Fitch, another rating agency, announced a similar downgrade, placing the country in a disturbing status as far as the investor community is concerned.

Much as the government has expressed disappointment at the downgrades, the fact still remains that the country is facing serious financial and economic challenges.

Ghana’s debt has reached near unsustainable levels, although the government is determined not to default when payments are due.

However, our dire situation has necessitated calls for a rethink of the economic management model of the country.

The Graphic Business is not oblivious of the fact that among the root causes of our challe