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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