Audio By Carbonatix
Deputy Finance Minister, John Kumah, says Ghanaians should not pay attention to what he calls negative propaganda put out by rating agency Moody’s.
In a scathing attack launched on the agency, Mr Kumah questioned whether someone who sits behind a computer can issue an accurate report.
“On January 22, they appointed the lead Ghana analyst one Villa Lucie who has never travelled to Ghana before. So you sit before your desktop and look at your documents and downgrade a country without physically engaging the people?” he quizzed on Joy News' AM Show, Monday.
Moody’s, in its latest report, downgraded Ghana’s bond ratings from a B3 to Caa1.
It justified the downgrade by pointing out liquidity and debt challenges and pandemic induced revenue underperformance. The Finance Ministry on February 6 issued a statement serving notice of appealing the rating.
The Finance Ministry says the agency omitted key material information and failed to defer such rating despite appointing an analyst for Ghana just four weeks ago.
Mr Kumah said Ghana cannot be downgraded simply because it has overspent amid Covid-19.
“Which country in the world has not overspent because of covid? It is just hypocritical, and I don’t think we should give attention to this kind of hypocritical propaganda against African countries.”
Two economists who joined the discussion on AM show, however disagreed. Prof Lord Mensah of the University of Ghana Business School and Economist Dr Patrick Assuming.
“The reaction from the government circles is quite unfortunate. These agencies don’t change their modules. They don’t change their grading because it's Covid-19,“ Prof Mensah said.
“I thought that the Moody’s rating was quite magnanimous to government. I am quite surprised at the reaction of the Deputy Finance Minister. I don’t think there is much to dispute,” Dr Assuming said
Latest Stories
-
Interior Minister receives Gbenyiri Mediation report to resolve Lobi-Gonja conflict
29 minutes -
GTA, UNESCO deepen ties to leverage culture and AI for tourism growth
43 minutes -
ECG completes construction of 8 high-tension towers following pylon theft in 2024
1 hour -
Newsfile to discuss 2026 SONA and present reality this Saturday
1 hour -
Dr Hilla Limann Technical University records 17% admission surge
1 hour -
Meetings Africa 2026 closes on a high, Celebrating 20 years of purposeful African connections
1 hour -
Fuel prices to increase marginally from March 1, driven by crude price surge
2 hours -
Drum artiste Aduberks holds maiden concert in Ghana
2 hours -
UCC to honour Vice President with distinguished fellow award
2 hours -
Full text: Mahama’s State of the Nation Address
2 hours -
Accra Mayor halts Makola No. 2 rent increment pending negotiations with facility managers
2 hours -
SoulGroup Spirit Sound drops Ghana medley to honour gospel legends
3 hours -
ECG reinforces ‘Operation Keep Light On’ in Ashanti Region
3 hours -
UK remains preferred study destination for Ghanaians – British Council
3 hours -
Ghana Medical Trust Fund: Maame Samma Peprah ignites chain of giving through ‘Kyerɛ Wo Dɔ Drive’
3 hours
