Mornah tells Akufo-Addo, Rating agencies are not to blame for our economic challenges
Bernard Mornah, a former national chairman of the People’s National Convention (PNC), charged that the president was indulging in fabrications about the effect of credit rating agencies’ downgrades on the regional economy.
The economic difficulties, according to Mr. Mornah, are fully clear to everyone.
Recall that President Akufo-Addo labeled the credit rating agencies’ downgrading of Ghana foolish.
According to him, the downgrades made the problems in Ghana and other African nations worse.
For instance, Fitch Ratings downgraded Ghana’s Long-Term Local-Currency (LTLC) Issuer Default Rating (IDR) to “RD” from “CCC” in April of this year.
“The AU champion for African financial institutions and leader of a country that recently had to deal with one of the most difficult periods in his post-independent history, difficulties that were exacerbated by the reckless behavior of rating agencies that engaged in pro-cyclical downgrades that shut Ghana out of the capital market and turned a liquidity crisis into a solvent crisis,” said President Akufo-Addo on Sunday, June 18.
Bernard Mornah, however, said that since the agencies gave Ghana positive ratings while the economy was booming, their current poor ratings cannot be accurate.
He commented on the situation of the economy on the Big Issue on TV3, saying, “One of the lies is to blame the rating agencies for the economic challenges, clearly, we are in a crisis.”
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