The running mate for the New Patriotic Party, Dr Mahamudu Bawumia has said Moody's recent review of the economic outlook of Ghana should not be misconstrued as an upgrade.
Rather, he said the revision of the country’s outlook from B-negative to B-stable was only a review of the country’s economic outlook and not an upgrade.
He therefore advised President John Mahama to stop “embarrassing” himself in his attempt to explain recent reports of the country’s economic performance by international credit ratings agencies.
According to him, President Mahama’s continuous touting of the economic reports by agencies such as the International Monetary Fund (IMF), Moody’s and Fitch could be because his economic management team have failed him.
“…Sometimes one wonders whether they don’t read or they don’t understand. So, let me give Mr. President a free piece of advice. Mr. President, please desist from embarrassing yourself by stating that Moody’s has upgraded Ghana. Your economic management team should explain that difference to you,” he advised.
Dr Bawumia was speaking at the NPP’s manifesto launch at the Accra International Trade Fair Centre on Sunday.
According to him, “the recent revision of Ghana’s Outlook from B/Negative to B- Stable, which is the equivalent of the B-3, has resulted in a misinterpretation by the NDC government and President Mahama that Ghana’s credit ratings has been upgraded. This is in fact not the case. Moody’s did not upgrade Ghana’s rating. Ghana’s rating under Moody’s is still B/Negative. It is only the outlook that has been revised, and that is not equivalent to a ratings upgrade.”
Outlining some highlights of the NPP’s manifesto, Dr Bawumia noted that the current economic challenges were due to mismanagement and corruption. He said it was for this reason that the country had turned to the IMF for a bailout.
According to him, the NDC government have more resources at their disposal as compared to the NPP under President Kufuor, yet government has not been able to use them efficiently.
“Ghana’s sovereign credit rating has been downgraded from B+ positive. Without oil, Ghana was being rated at B+ Positive under the NPP. We’ve now come down with oil under the NDC and John Mahama to B – (negative) with a stable outlook in 2016 with oil. In fact, International Credit Ratings Agencies like Moody’s, Fitch, Standard and Poor’s, now have basically the same credit rating for Ghana,” he said.
“The Mo Ibrahim 2016 report on governance shows that on virtually all key indicators such as safety and the rule of law, human rights, economic opportunities, infrastructure, human development, business environment, health and public management, all these indicators, Ghana is worse off today than it was ten years ago. The IMF in its recent review of the Ghanaian economy has warned that Ghana is on the cask of a financial and economic crisis,” he added.
Dr Bawumia noted that “President Mahama and the NDC were in total denial” of the economic challenges facing the country.
“Notwithstanding this abysmal record, President John Mahama is actually asking Ghanaians where the economic crisis is. He is clearly out of touch. Mr. President the economic crisis is out there if you care to look out of the Flagstaff House”, he said.
Source: graphic.com.gh
Disclaimer: Opinions expressed here are those of the writers and do not reflect those of Peacefmonline.com. Peacefmonline.com accepts no responsibility legal or otherwise for their accuracy of content. Please report any inappropriate content to us, and we will evaluate it as a matter of priority. |
@Massa ; yaw/obeng;the problem is that sometimes you cannot just get the sub culture of the intelligence displayed by some Ghanaians KWARAAA !!!!!!!; they do not read about the latest in economic issues about Ghana ; learn little economics but prefer to listen so much to poor TV ; radio and newspaper comments on economics affairs in Ghana and think they know it all; how on earth can people who claim to understand simple terms in economics not understand an economic outlook for a country ;an economic ratings for a country or a business review or ratings for a country and an economic report for a country ; no doubt even the confused President Jon Mahama does not understand what economic outlook means but confuses it as an up grade of the economy of Ghana ; economic outlook is only a future subjective review of an economy and are basically assumptions ;these outlooks does not mean an7ything because the basis of all the economic variables that underpins or determines the growth of any economy can change in future; in the case of Ghana the key economic indicators are poor for a number of reasons besides this fullish assumption that lenders are oversubscribing our loan request or bonds ; does not mean our economy is doing well because if a country can pay over the odds in terms of interest rates in comparison to countries where interest rates are virtually zero ; why would they not oversubscribe your bonds ; to me the NPP has the best economic team led Dr Bawumia; the NdC team are no where near the team led by Dr Bawumia that is why the Jon Mahama is rather confused about the real TRUTH about the economy ; if Jon Mahama knew the real facts about the economy ; he will SACK !!!! Seth Terpkor ;Ato Forson and this M/s Quartey on the spot !!!!!!!!; the question is where is Amissah -Arthur and FifI kwettey to explain basic economic tenets to Jon Mahama .
U see as usual the babies with sharp teeth will insult the learned Dr. The president has been mislead and this is serious because if a whole president does not know review and upgrade then is serious.. Please NDC stop the insult and learn something.. This is an embarrassment to this nation.. If I were the president I will sack the finance minister and the deputy...but come to think of it may be the president was in a hurry to praise himself.. Infantile president.. former president kufour or Rawlings will not do this..
Liar, Obeng and Yaw please economic outlook and credit rating are 2 different things. You are forgiven cos, even the president doesn't know.
This Bawumia guy thought managing economy is the same as chew and poor pass and forget? it doen't work that way oo.In anycase if you were all that good in economics why didn't you head kuffour's economic team? like some one has ask? you think you can continue to lie to Ghanaians? everybody have see you except your own npp followers
Dr. I trust your sense of judgement but this time around, I honestly think you have goofed. Let's look at this scenario, you wrote an exams and got a lower grade but after review, it was changed to something above your first grade. Do you say because your score was reviewed your results is still the same? I think politics should make us rather reasonable Dr Mahamud Bawumia. God bless our homeland Ghana!
but learned doctor, have we been downgraded???? look sharp and stop goofing!!!
Uneducated ndc and their president don't understand economic ratings and their implications for the country.God save Ghana