{"id":1171318,"date":"2022-08-09T09:35:50","date_gmt":"2022-08-09T09:35:50","guid":{"rendered":"https:\/\/www.ghanamma.com\/2022\/08\/09\/steep-depreciation-of-cedi-shows-mid-year-budget-review-failed-to-win-back-investor-confidence-mahama\/"},"modified":"2022-08-09T09:35:50","modified_gmt":"2022-08-09T09:35:50","slug":"steep-depreciation-of-cedi-shows-mid-year-budget-review-failed-to-win-back-investor-confidence-mahama","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2022\/08\/09\/steep-depreciation-of-cedi-shows-mid-year-budget-review-failed-to-win-back-investor-confidence-mahama\/","title":{"rendered":"Steep depreciation of cedi shows mid-year budget review failed to win back investor confidence – Mahama\u00a0"},"content":{"rendered":"

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Former President, John Dramani Mahama has said the continuous depreciation of\u00a0<\/strong>Ghana\u2019s cedi shows that the mid-year budget review failed to achieve its intended purpose.\u00a0<\/p>\n

He said investors still do not have confidence in the Ghanaian economy.\u00a0<\/p>\n

According to him, this has resulted in the economy being downgraded further. \u00a0<\/p>\n

\u201cThere appears to be no end to the problems with the Ghanaian economy, with the recent downgrade to CCC+\/C Junk status.\u201d<\/p>\n

\"Steep
Mahama\u2019s Facebook post<\/figcaption><\/figure>\n

The steep depreciation of the Ghana cedi in recent days, clearly shows that the mid year review of the 2022 budget failed to win back the confidence of the investor community and the Ghanaian public,\u201d Mr. Mahama said in a Facebook post on Tuesday, August 9.\u00a0<\/p>\n

A situation he insisted the government has no idea of addressing for the betterment of Ghanaians.<\/p>\n

\"Steep<\/figure>\n

\u201cUnfortunately, no credible remedial plans have been put forward by the government to salvage the economy.\u201d<\/p>\n

Mr. Mahama has thus suggested that government urgently organizes forums for the best brains in the country to arrest the situation.<\/p>\n

\"Steep<\/figure>\n

\u201cA national dialogue on the economy, bringing some of our best brains together will serve us well, even as we prepare for debt restructuring and negotiation of an IMF programme.\u201d<\/p>\n

Recent S&P Global ratings\u00a0<\/strong><\/p>\n

On August 5, 2022, S&P downgraded Ghana\u2019s foreign and local credit ratings from B-B\u2019 to CCC+C with a negative economic outlook.<\/p>\n

According to S&P, the downgrade is due to intensifying financing and external pressures on the economy.<\/p>\n

S&P Global Ratings said though government has taken steps towards consolidating the fiscal deficit, the recent passage of the Exemptions bill, high borrowing costs and softening growth make it difficult to put debt to GDP on a downward path.<\/p>\n

After a careful assessment of the economy, S&P also reviewed the country\u2019s economic outlook as negative. The negative outlook, in a statement issued by S&P on Friday, August 5, 2022, reflects Ghana\u2019s limited commercial financing options, and constrained external and fiscal buffers.\u201d<\/p>\n

S&P Global Ratings also noted that the Covid-19 pandemic and the Russian invasion of Ukraine had worsened Ghana\u2019s fiscal and external imbalances.<\/p>\n

<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

Former President, John Dramani Mahama has said the continuous depreciation of\u00a0Ghana\u2019s cedi shows that the mid-year budget review failed to achieve its intended purpose.\u00a0 He said investors still do not have confidence in the Ghanaian economy.\u00a0 According to him, this has resulted in the economy being downgraded further. \u00a0 \u201cThere appears to be no end […]<\/p>\n","protected":false},"author":1,"featured_media":1165496,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[187],"tags":[4586,672,12067,2129,2130,7421,1125,15735,1368,962,14909,309],"class_list":["post-1171318","post","type-post","status-publish","format-standard","has-post-thumbnail","category-politics","tag-budget","tag-cedi","tag-confidence","tag-depreciation","tag-failed","tag-investor","tag-mahama","tag-midyear","tag-review","tag-shows","tag-steep","tag-win"],"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1171318","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/comments?post=1171318"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1171318\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/media?parent=1171318"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/categories?post=1171318"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/tags?post=1171318"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}