The former President, John Dramani Mahama, has suggested to the Akufo-Addo government to as a matter of urgency prioritise agribusiness to salvage the country’s economic woes, as the country celebrates farmers today.
Mr. Mahama further urged the government to support farmers and actors in the agricultural value chain with finances to revive the economy.
In a Facebook post to celebrate farmers, the former President said, “I urge government to prioritise agribusiness and support with favourable financing for farmers and all actors in the agricultural value chain.”
He said with the downgrades by International Rating Agencies, it’s prudent for the government to support farmers and farming-related businesses.
Mr. Mahama said, “With Ghana’s economy at the brink of collapse, as proven by Rating Agencies through their unending downgrades, and the hardship it has brought to many homes, this is the time for government to begin to take farmers and farming-related businesses seriously”.
Farmers’ Day is being marked across all 16 regions, where farmers will be honoured with prizes for pushing the agricultural sector.
The 38th National Farmers’ Day awards will be held today, December 2, 2022, at the Jubilee Park at Koforidua in the Eastern Region.
Ghana was downgraded deeper into junk territory by Moody’s Investors Service on the likelihood that private creditors will incur steep losses during the government’s planned debt restructuring.
The country’s credit rating was slashed by two levels to Ca, the second-lowest score at Moody’s, according to a Tuesday statement. That puts Ghana on par with Sri Lanka, which is in default.
Analysts Lucie Villa and Marie Diron wrote in the statement, “the Ca rating reflects Moody’s expectation that private creditors will likely incur substantial losses in the restructuring of both local and foreign currencies debts planned by the government as part of its 2023 budget proposed to Parliament on 24 November 2022. Given Ghana’s high government debt burden and the debt structure, it is likely there will be substantial losses on both categories of debt in order for the government to meaningfully improve debt sustainability”.