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Ghana to Appeal Moody’s Credit Rating Downgrade on Data Used

A vendor carries items in a container on her head at a food market in Accra, Ghana, on 3 November, 2021. Ghana cedi is now the worst-performing currency globally, and the IMF revised Ghana’s projected growth rate for 2022 from 5.2% to 3.2%. (Photo: Nipah Denis/Bloomberg)
By Bloomberg
07 Feb 2022
0

Ghana will appeal the credit-rating downgrade by Moody’s Investors Service, saying it was “gravely concerned” and that the rating agency had left out key data to arrive at its decision.

Moody’s lowered Ghana’s long-term debt by a notch to Caa1 from B3 on Feb. 4, citing an increasingly difficult task the government faces in addressing its liquidity and debt challenges amid weak revenue generation constraints.The downgrade omitted “key material information from the assumptions driving some of Moody’s forecasts and projections such as the 2022 budget expenditure control measures, 2022 upfront fiscal adjustments and inaccurate balance of payment statistics,” Ghana’s finance ministry said Sunday, calling the move “an institutionalized bias” against African economies.

Fitch Ratings last month downgraded Ghana’s rating to ‘B-’ from ‘B’ because West Africa’s second-largest economy has lost access to international capital markets, which could hinder its ability to meet medium-term financing needs.

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