The Director of the Financial Sector Division of the Finance Ministry says the rating agencies had failed to factor in government’s appeal concerning their report on the economy's creditworthiness.

According to Sampson Akligoh, the government had engaged the agencies on some inaccuracies in their data collection process prior to the release of the report, however, it appears the agencies had failed to take those into account.

He stated that this is why the government is expressing strong sentiments against the downgrades; to tell their side of the story to investors on the international market.

“We also have to state our side of the story. So we presented, for example, maybe they’re saying that if you look at maybe our debt path, by the next three years the country’s debt to GDP is going to be this, we also have our debt sustainability analysis, we have our policy intent, that is very clear, and we disagree with the assumptions that underline their creditworthy rating.

“It is important that because you’re in the market we also have to state our side of the story because as a sovereign our job is to make sure that we also defend our [credit worthiness],” he explained on JoyNews’ PM Express.

Sampson Akligoh noted that it was normal for a government to disagree with a rating agency’s work, however, the rating agency cannot be compelled to change their ratings.

He added that appealing such a rating does not either assure that the rating will change or the downgrade reversed.

He stated that that was the reason why the government was presenting its side of the story to the investor community for them to make a well-informed decision.

“We can disagree, and when we disagree, we make our point very known and our position is that the assumptions underlying a lot of the forecast, honestly, from our view is not accurate,” he said.

Meanwhile, he says the government has no intention to unsubscribe from Moody’s credit rating.

“Don’t look at it in terms of government disagreeing with Moody’s to the extent that we want to do away with Moody’s.

“Every analytical work of this nature it’ll come to a point where two people – because you’ll remember that the Ghanaian institutions, Ministry of Finance and Central Bank also have experts. In the Ministry of Finance, you have a debt management division, there’s also a credit…you know, people who look at credit in the Ministry of Finance, also we even have rating advisors.

“So it is not about saying that Moody’s has done something that you have to entirely avoid them but it is important that we make clear our point of disagreement with Moody’s,” he explained.