Ghana’s finance ministry expressed disappointment on Monday at Standard and Poor’s downgrading the West African nation’s sovereign credit rating, but said it was determined to quickly emerge from its economic rut.
The ratings agency on Friday lowered Ghana’s local and foreign currency credit ratings to CCC+/C from B-/B, pointing to the government’s “limited commercial financing options, and constrained external and fiscal buffers”.
In a statement on Monday, the finance ministry said Ghana’s worsening economic state had been exacerbated by “global external shocks”, and that various revenue-saving measures introduced at the beginning of the year would soon bear fruit.
“The government is disappointed by S&P’s decision to downgrade Ghana despite the bold policies implemented in 2022 to address macro fiscal challenges and debt sustainability,” the statement said.
“The government is committed and is confident that it will successfully emerge from these challenges in the shortest possible time, as we have demonstrated the track record to
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