President Nana Addo Dankwa Akufo-Addo’s criticism of the credit standing businesses must be based on info, Dean of the Enterprise Faculty of the College of Cape Coast (UCC), Professor John Gatsi, has stated.
Prof Gatsi says he sees no benefit in President Akufo-Addo’s criticism of the businesses as a result of the struggles of Ghana’s economic system are recognized by everybody.
President Akufo-Addo had described the downgrade as ‘reckless’. He stated the downgrades exacerbated the challenges in African nations together with Ghana.
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Fitch Rankings, as an example, in April this yr downgraded Ghana’s Lengthy-Time period Native-Forex (LTLC) Issuer Default Score (IDR) to ‘RD’ from ‘CCC’.
President Akufo-Addo stated on the thirtieth Annual Assembly of the Afreximbank on Sunday, June 18 that “the AU champion for African monetary establishments and chief of a rustic that not too long ago needed to take care of one of the crucial tough intervals in his post-independent historical past, difficulties that have been exacerbated by the reckless behaviour of ranking businesses that engaged in pro-cyclical downgrades that shut Ghana out of the capital market and turned a liquidity disaster right into a solvency disaster.”
Reacting to this on the Ghana Tonight present on TV3 Monday, June 19, Prof Gatsi stated “I don’t see any benefit within the criticism, the criticism must be based on info and meticulous work that has been independently performed however we now have not performed any unbiased evaluation.
“All of us do know that our economic system is in hassle and all of us do know that our credit score has deteriorated over time and that has warranted the downgrade by the credit standing businesses.”