President Nana Addo Dankwa Akufo-Addo has asked Ghanaians to have confidence in him as he works hard to fix the economy.
He expressed optimism that Ghana’s economy will bounce back despite the recent downgrade by international rating agency, Standard & Poor’s (S&P).
Last week, S&P downgraded Ghana’s credit ratings from B-B’ to CCC+C with a negative economic outlook.
The rating agency attributed the downgrade to intensifying financing and external pressures on the economy.
However, President Akufo-Addo speaking on a radio station in Tamale, admitted that although times are difficult, he is determined work extra hard for the economy to bounce back.
He said “Yes, the difficulties are there, and I want to minimize the difficulties that are affecting the lives of ordinary people in a very negative way. What I am saying to the people of Ghana is that, they should continue to have confidence.”
The President expressed the strongest conviction that Ghana will successfully emerge from these challenges shortly.
According to Mr Akufo-Addo, “Government is determined to work its way through the economy. We did it when I first came into office, and I am determined and strongly of the belief, that we can do it again because the policies are sound and are about putting Ghana in a strong place.”
Prior to the latest downgrade by S&P’s, Fitch also came out with similar outlook as its downgraded Ghana’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘B-‘ from ‘B’ and handed it a negative outlook.
By Vincent Kubi