<\/p>\n
\n
Businesses that require foreign investments and financing may be at the receiving end of Ghana\u2019s economic downgrade by Fitch, and Standard & Poor\u2019s (S&P).<\/p>\n
This is according to the President of the Association of Ghana Industries (AGI).<\/p>\n
Dr Humphrey Ayim-Darke, speaking on JoyNews\u2019 Newsfile,<\/strong> said bulk importers of goods and the private sector will be largely hit by the latest rating which put the country\u2019s creditworthiness into junk status.<\/p>\n This, in his view, means that the citizens will ultimately bear the brunt.<\/p>\n \u201cMost bulk imports that get assistance or FDIs for imports. For instance, fertilizer, petroleum products, etc. Most of these enterprises depend on their international partners so if you are that exposed, [even] if you get a good transaction, your pricing will change in terms of your risks.<\/p>\n \u201cBecause the ability of the enterprise to dispose of the goods and get the dollars and repatriate to the funding agencies are all within the context of the country\u2019s risk and it is therefore very critical to an entity that is doing big business that ones the country has been downgraded, this implication apply,\u201d he said.<\/p>\n This week, Ghana\u2019s rating was downgraded by Fitch from B- to CCC, putting the country\u2019s creditworthiness into junk status.<\/p>\n This update follows Standard and Poor\u2019s (S&P) downgrade of Ghana\u2019s foreign and local credit ratings from B-B\u2019 to CCC+C with a negative economic outlook.<\/p>\n On the same show, a political analyst, Dr Theo Acheampong believed that the recent rating reflects the state of the economy.<\/p>\n \u201cThis recent downgrade by Fitch and S&P is the lowest we have had for the last 20 years since they started rating us. Historically, we have been in the B category and now we\u2019ve shifted one level below which is a C almost near to a D category,\u201d he noted.<\/p>\n <\/p><\/div>\n","protected":false},"excerpt":{"rendered":" Businesses that require foreign investments and financing may be at the receiving end of Ghana\u2019s economic downgrade by Fitch, and Standard & Poor\u2019s (S&P). This is according to the President of the Association of Ghana Industries (AGI). Dr Humphrey Ayim-Darke, speaking on JoyNews\u2019 Newsfile, said bulk importers of goods and the private sector will be […]<\/p>\n","protected":false},"author":1,"featured_media":1176665,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[187],"tags":[1426,6125,1560,250,17453,1327,204,184,4368],"class_list":["post-1176663","post","type-post","status-publish","format-standard","has-post-thumbnail","category-politics","tag-agi","tag-bulk","tag-credit","tag-ghanas","tag-hardest","tag-hit","tag-importers","tag-poor","tag-ratings"],"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1176663","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=1176663"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1176663\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/media?parent=1176663"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/categories?post=1176663"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/tags?post=1176663"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}