The Minister for Information Kojo Oppong Nkrumah says government welcomes the change in the nation’s economic outlook from stable to positive by the Moody’s ratings agency.
He told Journalists at a briefing in Accra on Sunday that the Economic Management Team is very pleased at the outlook change and commits to do more.
“The change in outlook is a very important development especially in the context of our ratings history over the years” he said.
According to the International Credit Rating Agency the decision to assign a positive outlook reflects Moody’s rising confidence that the country’s institutions and policy settings will foster improved macroeconomic and fiscal stability over the medium term, in part as a consequence of the reforms implemented under the recent IMF reform program.
These reforms are beginning to bear fruit, as seen for example in the return to primary fiscal surpluses, measures to smooth the debt maturity profile and increasingly sustainable growth prospects.
Though pressures and risks remain (as evidenced by persistent revenue challenges, a potential repeat of pre-election fiscal cycles, and the emergence of significant arrears and further contingent liabilities in the energy sector, all contributing to rising public debt.
Receiving the news, Head of the Economic Management Team, VP Mahamudu Bawumia has expressed the following sentiments.
- This certifies that the results achieved so far from the first three years of economic recovery that the managers of the economy embarked upon. Contrary to the attempts by some to run down Ghana’s recent economic gains, this is further evidence that global economic watchers who are examining our economic data see clearly that Ghana’s economy is back on track and the future looks even better on this path.
- This outlook improvement is further evidence that All including the global economic community is clear in its mind and expectations that Ghana staying on this economic management track has a very positive outlook. Things can only continue to get better. All, including the global economic community, can have hope that on this path
The Information Minister said the Administration through its Economic Management Team will continue to ensure that the gains made are not compromised even in this election year.
“The Administration will further ensure that the key pillars that have contributed to this improved outlook; restored macro-stability, rebounded growth, consolidated fiscal position, improved debt management and strong institutional reforms will continue. The people of Ghana can rest assured that the Economic Management Team will continue with the uphill climb of building a strong economy for all. All are encouraged to continue with the necessary cooperation witnessed so far to this end”.