Development Economist Dr. Michael Ayamga Adongo has said, President Nana Addo Dankwa Akufo-Addo has run to African leaders to guard against credit ratings.
Dr. Adongo said, “Sometimes one wonders whether they don’t read or they don’t understand. So, let me give Mr. President a free piece of advice. Mr. President, please desist from embarrassing yourself by stating that Moody’s has upgraded Ghana.”
Below is his Facebook post:
AKUFO ADDO THINKS WE ALL SUFFER FROM DEMENTIA
Today, President Akufo Addo is telling African leaders to guard against credit ratings. How interesting. Let me quote your the Vice President, then candidate Bawumia, “Stop embarrassing yourself Mr. President”.
President John Mahama had moved Ghana from B-/negative to B-/stable. The Vice President took the former President to the cleaners.
“speaking at the launch of the NPP’s 2016 manifesto at the Trade Fair Center in Accra, the former Deputy Governor of the Bank of Ghana, said “Economic mismanagement and corruption has resulted in Ghana turning to the IMF for a bailout. Ghana’s sovereign credit rating has been downgraded from B+ positive. Without oil, Ghana was being rated at B+ Positive under the NPP. We’ve now come down with oil under the NDC and John Mahama to B – (negative) with a stable outlook in 2016 with oil. In fact, International Credit Ratings Agencies like Moody’s, Fitch, Standard and Poor’s, now have basically the same credit rating for Ghana.”
“The recent revision of Ghana’s Outlook from B/Negative to B- Stable, which is the equivalent of the B-3, has resulted in a misinterpretation by the NDC government and President Mahama that Ghana’s credit ratings has been upgraded. This is in fact not the case. Moody’s did not upgrade Ghana’s rating. Ghana’s rating under Moody’s is still B/Negative. It is only the outlook that has been revised, and that is not equivalent to a ratings upgrade. Sometimes one wonders whether they don’t read or they don’t understand. So, let me give Mr. President a free piece of advice. Mr. President, please desist from embarrassing yourself by stating that Moody’s has upgraded Ghana.”
Today Ghana is in the Cs and negative outlook and all of a sudden you think there is something wrong with the ratings! Moodys downgraded Ghana from B3 to Caa1 with negative outlook. Fitch downgraded Ghana from B to B- with negative outlook.
Our President now goes to tell African leaders who are doing relatively better, who have better ratings and do not owe as much as we do that the ratings are problematic?
Since I don’t suffer from Dementia let me refer the President to that infamous manifesto launch in 2016 and ask the President to take the advice from his Vice who told a sitting President, John Mahama, who had actually succeeded to achieve Upgrades to “stop embarrassment yourself ”.
Apexnewsgh.com/Ghana/Ngamegbulam Chidozie Stephen
