Vice Presidential Candidate, Dr Mahamadu Bawumia has again been exposed for his persistent lies to dampen investor confidence in Ghana’s economy for political gain. The latest, is a statement issued by international credit rating agency, MOODY’s which has painted positive prospects with a B3 rating, changing the outlook from negative to stable.
MOODY’s in its latest report, referred to three key drivers. These are the bold and painful home grown policies implemented by President John Mahama’s administration after the Senchi consensus.
Deputy Education Minister, Samuel Okudzeto Ablakwa who commented on the development said if exonerates the position held by Finance Minister, Seth Tekper and President John Mahama who have consistently been assuring Ghanaians of a re-bounce in the Ghanaian economy and that, the foundation has been laid for accelerated development to create jobs and other opportunities for all.
Mr Ablakwa who was speaking on Joy FM’s Super Morning Show noted that, Dr Bawumia who should know trends in economy as a result of policies introduced has chosen untruths against his personal integrity with misleading statements that paint a gloomy picture to satisfy his tag on the President as incompetent.
“Dr Bawumia’s recent lecture said Ghana’s economy is now in crisis. We are not a war torn country where everything has gone that bad. Now he has been exposed. We are working hard and apart from the massive infrastructure, President Mahama is creating jobs through the factories he is reviving. Komenda Sugar Factory, Kumasi Shoe Factory, GIHOC distilleries, the Sheanut Factory, the Fish processing companies and many more. He is creating the environment for businesses to grow. That’s what is changing the economy” He explained further.
In Moody’s latest report, the unfolding economic success has been chalked as a result of prudent fiscal policies and institutional reforms that have significantly reduced the deficit. This it said was complemented by the ongoing three-year IMF programme which started in April 2015".
The second driver is the "Reduced government liquidity risk on the external side after the successful issuance of a recent $750 million Eurobond in earmarked to redeem the remaining $400 million October 2017 Eurobond maturity"
A statement issued by the Ministryof Finance, attributed the third reason is the improved balance of payment dynamics, amid continued development of oil and gas resources through higher foreign direct investment inflow, supporting reserve buffers and reduced currency volatility.
The statement said “the revision of the outlook at this is testimony of the prudent policies adopted by the government since 2014 through the home grown policies and consolidated in the IMF programme”
In the report, Moody’s highlighted Ghana’s ongoing fiscal consolidation and strong fiscal discipline as credit positives, commitment to that level of prudence was recently codified into law via the Public Financial Management Law (PFML).
Moody’s report comes at a time Bawumia, nana Akufo Addo have condemned prudent measures that have seen a stabilized cedi, reducing inflation, improvement in power crisis and massive infrastructure projects in the roads, ports, health and education sectors.
Ghana recorded a successful Eurobond issuance of US$750 million, priced competitively at 9.25 per cent in September 2016.
The over subscription to the tune of four (4) billion dollars demonstrates confidence from the global investor community in the consolidation of Ghana’s turnaround story,” he said.
Moody’s has also praised Ghana’s prudent debt management strategy, including the decision to utilise proceeds from the recent Eurobond to redeem upcoming external debt maturities, reducing rollover risks.
The stable outlook confirms government’s position that the trend in economic performance will prevail at least over the 12 to 18 months.
This good news has shot down another NPP campaign message, an issue that will throw their manifesto apart leave ng it with virtually no campaign message in the 2016 elections.
The party had wished the power crisis, Dumsor would not be over. That has been fixed. It tried the economy and the positive signs are weakening their arsenals.
Source: The Republic
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I am in the central region and I want to tell the government to come and see what Dr.Bawumia is doing. He is electrifying everybody and pulling amazing crowd. In all my years following campaigns, I have never seen this before, a Vice Presidentisl candidate commanding such attention. Ndc will lose for sure.
Wow!! is this present Ghanaian government that desperate for credibility that they consider a rating of B3 negative as something good? When you pay a ratings organisation such as Moodys and Standard and Poor to provide you with a somewhat decent rating to enable you raise funds in the financial markets and they come up with such a rating of B3 negative, then they are trying to tell you that but for the money you paid them, your country's bonds are close to been classified as junk bonds. If I were the minister I will be ashamed of bringing this into the open but I guess he is naive about such matters.
WHAT DOES ABLAKWA KNOW. ECONS AND THINK TANK PEOPLE TELLING YOU THAT NDC AND MAHAMA HAVE COLLAPSED THE ECONOMY OF GHANA , THEN CLASS ONE POLITICIAN, SINGING AND DANCING BEFORE MAHAMA. THIS MOODY PAPER IS SPONSORED BY MAHAMA THE JOHN. PREZ MAHAMA DOES NOT CARE IF HE USES ALL THE MONEY IN GHANA FOR BRIBE TO WIN THE 2016 ELECTION. HE FEARS NANA ADDO. NPP WILL FIND OUT WHO KILLED ATTA MILLS.
The problem I have with Ndc is they never admit when things are not going well. We all live in this country and we know very well that teachers, nurses, NHIS, district assembly common fund, VRA, feeding grants for schools and many more are all in arrears. The economy is forked. Please stop the lies Ndc.
Torro, thanks. My question about this" Bawumia exposed" is f001ishness of this wasteful and tribalist paper called Republic . The guys working at Moody are not different from Aseidu Nketsia and the block headed drunkard called Koku. Therefore Ghanaians should not bother about this report. It has been a plan between NDC and Moody to come out with this fake report at this time appropriate for both. Torro thanks once again.
An incompetent president and his team are throwing dust into people eyes and that of institutions to retain power. ***barred word*** and Babies with sharp teethes will leave this time for honesty and competent NPP to take over.
F001s, Dr. Bawmia exposed, if you f001s know the amount spent on this fake report , you won't sit talking thrash. I said time and times again that,if it's breaking the Bank of Ghana vault that will make Mahama win this elections he will do. He is desperate that he will pay what ever institution to support him win this coming elections. 2012 is still fresh in the minds of Ghanaians. Very soon Ghanaians will hear him with his diabolic slogan" is God who chooses a leader". This will be after he and EC has put on their rigging goggles and T shirts.
Mr. Minster so if you are NEGATIVE B3 AND STILL THE SOME MOODY RATE YOU NEGATIVE B3 what is the diffenece here and how can your gov't be vindicated ? DOES THAT CHANGE ANYTHING ?? NDC, IS this INCOMPETENT BRAINS AT WORK OR WHAT?.