A member of the Parliamentary Select Committee on Finance says the rating of Ghana’s credit rating by the international rating agency, Standards and Poor's (S&P) Global, does not reflect the actual situation in the country.
Mr. Richard Acheampong, who is also the Member of Parliament for Bia East Constituency in the Western Region said, business men and women in the country are losing huge sums of money due to the depreciation of the cedi against major foreign trading currencies such as the dollar, so how can this be rated as B.
International rating agency, S&P Global, raised Ghana's long-term local and foreign currency sovereign credit rating to B from B-, with a positive outlook.
In a statement released on September 14, 2018, S&P Global said, the upgrade reflected its assessment that “Ghana's monetary policy effectiveness has improved”.
Reacting to the ratings in an interview with PrimeNewsGhana, the MP explained that “importers are losing huge sums of money due to the depreciation of the cedi. The dollar is now GHS5, how can this be rated B?”
The National Democratic Congress (NDC) MP said “people are losing huge sums of money because of the cedi depreciation so if you tell me the economy is strong, then what are you saying?”