Ghana's foreign and domestic currency credit ratings were downgraded by Standard and Poor's ("S&P") Global Ratings on August 5, 2022, from "B-/B" to "CCC+/C," with a negative outlook. S&P claims that increased financing and external pressure on the economy are to blame for the downgrade.
Mr. former president, isn't it nonsense to claim that the government ruined the economy with its careless policies? During your administration, the nation endured a difficult period marked by frequent power outages, which were not caused by a lack of supplies for supply and distribution but rather by a lack of funds to pay our suppliers for fuel and gas, which cost more than $600 million and resulted in the loss of jobs and the relocation of industries to our neighbours.
John Dramani Mahama, a Ghanaian politician who served as the country's President from July 24, 2012, to January 7, 2017. On Tuesday, August 9th 2022, he posted on his official Facebook page elaborating and the state of the economy and the future if the ruling government continues with their current strategy towards the economy.
In the post, he said, [paraphrased]The recent downgrade to CCC+/C Junk status gives the impression that there is no end in sight to the issues facing the Ghanaian economy.
The recent sharp depreciation of the Ghana Cedi demonstrates unequivocally that the mid-year review of the 2022 budget was unsuccessful in regaining the trust of the investor community and the Ghanaian people.
Unfortunately, no credible recovery plans have been proposed by the government to save the economy.
Even as we get ready for debt restructuring and IMF program negotiations, a national dialogue on the economy that gathers some of our brightest minds will be beneficial.
This made a lot of Ghanaians on the platform react with various comments criticizing the ruling government and even John Dramani Mahama.
Below are some relevant comments:
Yayra Koku commented,
This government is dying from pride and ego. They would rather sink this nation than request assistance from experts through the National Dialogue.
Prior to approaching the IMF under President Mahama, there was a Senchi consensus where experts from various political parties, CSOs, and other organizations were consulted to help develop domestic policies to support the government.
Because of our participation in the IMF program, this NPP government enjoyed success in 2017, 2018, and 2019 in particular.
Since Akufo-Addo has served his full eight-year term, he is unconcerned with the future. God, please pardon this man.
The price of a dollar is currently $9.19.
Mr. former president, isn't it unclear to claim that the government ruined the economy with its careless policies? During your administration, the nation endured a difficult period marked by frequent power outages, which were not caused by a lack of supplies for supply and distribution but rather by a lack of funds to pay our suppliers for fuel and gas, which cost more than $600 million and resulted in the loss of jobs and the relocation of industries to our neighbours.
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