<\/p>\n
Dr Theophilus Acheampong, an economist, has said the Standard and Poor\u2019s negative outlook of Ghana\u2019s economy was indicative of the government\u2019s inability to secure an economic turnaround this year.<\/p>\n
\u201cI think what the market also reacting to and other statements that have come, including the mid-year budget that was read a few weeks ago, is that those policies are not credible and would not be able to deliver the gains that the government anticipates,\u201d the economist said on The Point of View <\/strong>on Citi TV<\/strong>.<\/p>\n Citing Ghana\u2019s\u00a06.6 percent fiscal deficit target as an example, he noted that Ghana was already at the 5 percent mark midway through the year.<\/p>\n \u201cThe reality of what that means is that the government will have to make far more significant cuts than it already has done if it is to maintain or attain the deficit figure.\u201d<\/p>\n In general, Dr. Acheampong feels observe \u201csee a disconnect between the rhetoric and the reality.<\/p>\n \u201cThose numbers don\u2019t add up and people don\u2019t necessarily believe the numbers,\u201d he added.<\/p>\n Standard and Poor\u2019s (S&P) global ratings downgraded Ghana\u2019s foreign and local credit ratings from B-B\u2019 to CCC+C with a negative economic outlook.<\/p>\n Before this, Fitch had\u00a0downgraded Ghana\u2019s Long-Term Foreign-Currency Issuer Default Rating (IDR) to \u2018B-\u2018 from \u2018B\u2019 and the outlook was negative.<\/p>\n Moody\u2019s Investors Service (Moody\u2019s) downgraded Ghana\u2019s long-term issuer and senior unsecured debt ratings to Caa1 from B3 and changed the outlook to stable from negative.<\/p>\n