Former President John Dramani Mahama has asserted that the ruling government has failed to provide credible remedial plans to solve the economic challenges.
The former President responding to the recent rating by S&P said the government must take steps to help salvage the economy.
He has therefore proposed a national dialogue where the bests brains would gather to brainstorm on solutions to help resolve the crisis facing the economy.
S&P Global Ratings, in its latest rating of Ghana, has downgraded Ghana’s debt further into speculative territory.
The ratings lowered the country’s foreign and local currency sovereign ratings to junk from B-/B to CCC+/C with a negative outlook.
According to S&P, Ghana’s outlook is negative, “reflecting Ghana’s limited commercial financing options, and constrained external and fiscal buffers.”
The rating shows that Ghana is vulnerable to nonpayment and dependent on favourable business, financial and economic conditions.
It, however, indicated that the COVID-19 pandemic and the conflict in Russia magnified Ghana’s fiscal and external imbalances.
Mr. Mahama, in a brief statement on his official Facebook, said ”There appears to be no end to the problems with the Ghanaian economy, with the recent downgrade to CCC+/C Junk status.
The steep depreciation of the Ghana Cedi in recent days, clearly shows that the mid-year review of the 2022 budget failed to win back the confidence of the investor community and the Ghanaian public.
Unfortunately, no credible remedial plans have been put forward by the government to salvage the economy.
A national dialogue on the economy, bringing some of our best brains together will serve us well, even as we prepare for debt restructuring and negotiation of an IMF programme.”