President John Dramani Mahama hails credit upgrade

President John Dramani Mahama has lauded the efforts of the government and the Bank of Ghana in elevating Ghana's credit ratings.

According to him, the economy is rebounding as macroeconomic indicators continue to show signs of improvement from its state in the last few years.

His comments come after the global ratings agency, Fitch Ratings, upgraded Ghana’s Long-Term Foreign-Currency Issuer Default Rating (IDR) from ‘Restricted Default’ to ‘B-’ with a Stable Outlook.

Speaking at the Ghana-European Union Partnership Dialogue, President Mahama said his leadership is committed to reviving the economy.

“On macroeconomics and fiscal governance, Ghana’s economic outlook is rebounding steadily. Our administration remains committed to restoring macroeconomic stability through prudent fiscal management, enhanced domestic revenue mobilisation, and expenditure rationalisation.

Working in partnership with the Bank of Ghana, we are working to manage inflation, stabilising the cedi, and pursuing debt restructuring strategies to restore confidence and rebuild the fiscal space of the economy. These efforts are yielding fruit, and only yesterday, the Fitch Rating agency upgraded Ghana’s restricted default to B- with a Stable Outlook," he said.

The president also noted that “we are also pursuing regulatory and institutional reforms that will reduce inefficiency and improve transparency, expand our fiscal space".

SSD/AME