Former President John Dramani Mahama has asked the government to expedite negotiations with the International Monetary Fund(IMF) to secure a deal with the Washington-based lender as soon as possible.
Mr. Mahama described the authorities’ delay in securing an IMF-supported program as distressing.
In a tweet, the former leader said: “Every passing day makes our economic situation worse. Gov’t must work with greater alacrity to lock in a programme with the Fund in order to create a more predictable economic outlook.”
Meanwhile, Moody’s has downgraded Ghana’s long-term issuer and senior unsecured debt ratings from Caa1 to Caa2 and placed them on review for downgrade.
The agency claims that the further downgrade is due to the government’s decision to seek assistance from the International Monetary Fund, which frequently provides assistance and stability to a distressed economy.
Moody’s claims that, despite the government’s efforts to tighten monetary policy, inflation remains high, putting enormous pressure on the cedi while the economy continues to deteriorate.
By: Rainbowradioonline.com/Ghana
