S&P Raises Ghana Credit Ratings

Standard & Poor’s financial services firm has revised Ghana’s ratings up to B from B- with a stable outlook, Pulse reported. The New York-based ratings agency cited the country’s improving banking sector stability and lower inflation. “Ghana’s improving banking sector stability and lower inflation supports our view that the effectiveness and transmission mechanism of its monetary policy have improved,” S&P said in its recent report released on Friday. “We are therefore raising our long-term ratings on Ghana to ‘B’ from ‘B-’. We are affirming the short-term foreign and local currency sovereign credit ratings at ‘B’. The outlook is stable.” Last week, the founding member of political think tank Danquah Institute, Gabby Asare Otchere-Darko called on Ghanaians to ignore the critics of the Ghanaian economy. He said things are getting better under the Akufo-Addo government as compared to the erstwhile administration. Otchere-Darko, who is a staunch member of the ruling New Patriotic Party said the economy is on track and performing better now than in 2016.