<\/p>\n
The Institute of Fiscal Studies (IFS) has charged government to take stringent decisions in its quest to revive Ghana\u2019s economy amidst harsh conditions.<\/p>\n
According to the IFS, the country\u2019s fiscal deficit continues to deteriorate with an upsurge in the macroeconomic instability of the country.<\/p>\n
The institute blames the situation on what it describes as excess borrowing by successive governments.<\/p>\n
In an interview with Citi News<\/strong>, a Senior Research Fellow with the IFS, Dr. Siad Boakye said \u201cconsidering the current state of the economy, government will have to stand its grounds and take some stringent decisions in its quest to revive the country amidst the harsh economic conditions.\u201d<\/p>\n \u201dFor instance, it will help if government takes the bold decision to review its flagship programs.\u201d<\/p>\n While Ghana has turned to the IMF for support, Fitch had downgraded 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) also 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 On August 5, 2022, S&P also downgraded Ghana\u2019s foreign and local credit ratings from B-B\u2019 to CCC+C with a negative economic outlook.<\/p>\n