![\"\"](\"http:\/\/www.ghanamma.net\/wp-content\/uploads\/2011\/11\/0342SP.jpg\" "\\"S&P\\"")
<\/a>The ratings company, Standard & Poor\u2019s (S&P) has been asked to use updated data when determining the sovereign credit ratings of Ghana.<\/p>\nThe Think Tank, Centre for Policy Analysis (CEPA) says S&P\u2019s recent rating of Ghana, when the country was rated B\/B was based on 2010 data indicating that the outcome was \u201cunsatisfactory\u201d.<\/p>\n
S&P\u2019s rating on the country was however, positive compared to the B- Ghana had in the previous rating.<\/p>\n
Dr Joe L.S. Abbey, the Executive Director of the Centre, said during the presentation of a paper reviewing Ghana\u2019s economy where he also gave the outlook for 2012 today November 29, 2011, that \u201cS&P should rely on up-to-date economic data from the IMF or from CEPA when rating Ghana.\u201d<\/p>\n
The Centre believes that the performance outcome for last year 2010 was particularly bad because \u201cthe rapid accumulation of new arrears in excess of arrears cleared resulting in a rise in the net stock by a sizeable amount,\u201d adding that, \u201cAs much as GH\u00a2410 million of payment vouchers issued by the Controller & Accountant General\u2019s Department (CAGD), the encashment of which did not take place.\u201d<\/p>\n
\u201cUsing the same unsatisfactory 2010 outcome, S&P produced its latest unfavourable rating for Ghana,\u201d Dr Abbey told the gathering in Accra.<\/p>\n
In August 2010, S&P lowered Ghana\u2019s credit ratings from B+ to B citing lack of clarity in the country\u2019s oil sector, the management of government\u2019s oil revenues as well as the large fiscal deficit.<\/p>\n
The rating however, which had a stable outlook, placed Ghana at par with Kenya, Sri Lanka and Bolivia.<\/p>\n
A credit rating is S&P\u2019s opinion on the general creditworthiness of a country or institution or the creditworthiness of a country with respect to a particular debt security or other financial obligation.<\/p>\n
Credit ratings have become widely acccepted as investors find them convenient tools for differentiating credit quality.<\/p>\n
By Emmanuel K. Dogbevi & Ekow Quandzie<\/p>\n
Comments<\/h4><\/p>\n","protected":false},"excerpt":{"rendered":"
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