The credit rating agency said the downgrade is due to intensifying financing and external pressures on the Ghanaian economy.
A statement issued by the Ministry for Finance on Monday ( 8 August) said the government will continue to be proactive in addressing the impact of external and domestic headwinds on the economy and on the lives and livelihoods of Ghanaians.
“On 5 August 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 is due to intensifying financing and external pressures on the economy.”
“The Government is disappointed by S&P’s decision to downgrade Ghana despite the bold policies implemented in 2022 to address macro fiscal challenges and debt sustainability which have been significantly exacerbated by the impact of these global external shocks on the economy,” the statement said.
“Our current engagement with the International Monetary Fund (IMF) for a programme, incorporating our Enhanced Domestic Program (EDP), is expected to support our drive to restore and sustain macroeconomic stability; debt sustainability and promote growth and job creation whilst ensuring social protection to achieve our vision of a Ghana Beyond Aid,” it added.