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The ‘B’ rating reflects the high public debt level and low revenue base, which means that Ghana’s debt affordability metrics will remain markedly weaker than rating peers over the rating horizon.
After achieving a general government deficit on a commitment basis below 5% of GDP in the three years prior to 2020, the deficit widened to 11.5% of GDP following the approval of a mid-year supplementary budget that contained an additional 3% of GDP in Covid-19-related spending,” portions of the report said.
According to the latest International Economic rating firm report, the negative rating reflects the significant deterioration in public finances as a result of the COVID-19 pandemic and the delays by the Ghana government to roll out its fiscal consolidation efforts..
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