The Finance Ministry is insisting recent downgrade of Ghana's credit ratings will have little impact on the on the economy. 

Deputy Finance Minister, Mona Quartey, said, contrary to fears that interest rates that Ghana pays on its loans could hit the roof, the country will not pay more for loans.

Although the country has started doing more international borrowings - one of the key reasons for Ghana's credit ratings' downgrade - Ms Quartey says government is doing "smart borrowing".

Ratings agency Moody's  last week downgraded the country's credit ratings to "B3", just below  junk status.

Fitch also gave the country a negative outlook although it kept ratings at "B".

"These reports go out to the investors alright, but when investors now decide that they will invest in Ghana, whether through the bonds or directly through some infrastructure, they look beyond these reports", she said.

She added: "Last year when we went into the Eurobond, these issues were in the market. This is not too new. Most of these were being mentioned and yet we were able to have a successful issue".

However, economist, Dr. Eric Osei Assibey has said the minister's defence to the ratings is weak.