Former President, John Mahama, has urged the government to prioritise agribusinesses and support key players in the agricultural value chain as a means to boost the economy.

According to him, in the face of recent downgrades by international rating agencies and the high inflation rate in the country, supporting the agricultural sector to reduce imports and strengthen the weakening cedi is the way to go.

He said this in a Facebook post to mark this year's National Farmers’ Day celebrated on December 2.

“I celebrate all farmers on this auspicious occasion for their priceless efforts that feed us and keep our industries running.

“With Ghana's economy at the brink of collapse, as proven by Rating Agencies through their unending downgrades, and the hardship it has brought to many homes, this is the time for government to begin to take farmers and farming related businesses serious,” he said.

He continued, “This is the surest way we can reduce imports, strengthen the struggling cedi and save Ghana's economy.

“I urge government to prioritise agribusiness and support with favourable financing for farmers and all actors in the agricultural value chain.”

Meanwhile, Moody’s has downgraded the Government of Ghana’s long-term issuer ratings to Ca from Caa2 or further junk status and changed the outlook to stable.

This concludes the review for downgrade that was initiated on September 30, 2022.

“The Ca rating reflects Moody’s expectation that private creditors will likely incur substantial losses in the restructuring of both local and foreign currencies debts planned by the government as part of its 2023 budget proposed to Parliament on 24 November 2022″, a statement published on its website said..

The statement pointed out that “given Ghana’s high government debt burden and the debt structure, it is likely there will be substantial losses on both categories of debt in order for the government to meaningfully improve debt sustainability”.