S&P rating reflects economic robustness

BY: Timothy Ngnenbe
Mr Kojo Oppong Nkrumah (left), the Minister designate for Information, talking to some media personnel after the launch of the National Policy Summit 2018. Picture: EBOW HANSON
Mr Kojo Oppong Nkrumah (left), the Minister designate for Information, talking to some media personnel after the launch of the National Policy Summit 2018. Picture: EBOW HANSON

The government has described Standard & Poor’s (S&P) Global’s upward rating of the country’s local and foreign currency sovereign credit from B- to B as a true reflection that the economy is strong and robust.

The Minister of Information designate, Mr Kojo Oppong Nkrumah, who stated this, stressed that the rating was a vindication that the government had prudently managed the economy.

"The government welcomes this rating and sees it as a positive feedback, especially when it has affirmed that the economy and its fundamentals are getting better," he said.

S&G rating

S&G, an international rating agency, raised the country’s long-term credit rating from B negative to B, on grounds that its assessment indicated that the country’s monetary policy effectiveness had improved.

In a statement issued on September 14, 2018, the international rating agency said it was convinced that the effectiveness and transmission mechanisms of the country’s monetary policy had improved, accounting for the raising of the ratings from B- to B.

Policy summit

Commenting on the rating at the launch of the fourth National Policy Summit (NPS) in Accra yesterday, Mr Nkrumah said the rating was welcoming and represented a positive feedback, showing that the economy and its fundamentals were getting stronger.

He said the government would continue to put in place prudent economic measures to sustain the gains and build a resilient economy.

NPS

Mr Nkrumah explained that it was part of the government's effort to remain accountable in the management of the economy and that it had dedicated the next NPS slated for Tamale from the September 24 to 25, this year to a holistic scrutiny of its flagship programmes and policies.
    
He said the policy summit would put the spotlight on policies such as the free senior high school (FSHS), One village, One dam, One district One factory (1D1F), interventions for poverty eradication (IFPED), National Health Insurance Scheme (NHIS), and offer an opportunity for stakeholders to make suggestions on the way forward.

It is being held on the theme, "Assessing government's flagship programmes — the journey so far."

The information minister designate indicated that the Vice-President, Dr Mahamudu Bawumia, the Ministers of Education, Dr Mathew Opoku Prempeh, Health, Mr Kwaku Agyeman-Manu, Trade and Industry, Mr Alan Kyerematen, Special Development Initiatives, Mrs Mavis Hawa Koomson, and other officials from MDAs would address the summit.

"This fourth summit is dedicated to the flagship programmes because as a government, we need to be accountable to the people we serve and so they need to know how we are serving their interest in the implementation of these initiatives," he said.

He observed that the policy summit would not only help the government to explain the state of affairs of its flagship policies but would also allow for interactions with stakeholders for the overall development of the country.

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