{"id":1216317,"date":"2022-10-04T17:22:30","date_gmt":"2022-10-04T17:22:30","guid":{"rendered":"https:\/\/www.ghanamma.com\/2022\/10\/04\/every-passing-day-makes-our-economic-situation-worse-mahama\/"},"modified":"2022-10-04T17:22:30","modified_gmt":"2022-10-04T17:22:30","slug":"every-passing-day-makes-our-economic-situation-worse-mahama","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2022\/10\/04\/every-passing-day-makes-our-economic-situation-worse-mahama\/","title":{"rendered":"Every passing day makes our economic situation worse &#8211; Mahama"},"content":{"rendered":"<p><img decoding=\"async\" src=\"http:\/\/www.ghanamma.com\/wp-content\/uploads\/2022\/08\/Family-of-the-late-A.B.-Crentsil-vist-John-Mahama-5-1024x683.jpg\" \/><\/p>\n<div id=\"article-text\">\n<p>Former President, John Mahama has once again lamented the country\u2019s economic woes.<\/p>\n<p>Mr. Mahama in a Twitter post on Tuesday noted that the economic situation is \u201cdistressing\u201d and getting worse by the day.<\/p>\n<p>The NDC flagbearer for the 2020 elections called on the government to, promptly and with eagerness, secure a programme from the IMF to stabilize the country\u2019s economy.<\/p>\n<p>\u201cDistressing! Every passing day makes our economic situation worse. Gov\u2019t must work with greater alacrity to lock in a programme with the Fund in order to create a more predictable economic outlook,\u201d John Mahama tweeted on Tuesday.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Distressing! Every passing day makes our economic situation worse. Gov\u2019t must work with greater alacrity to lock in a programme with the Fund in order to create a more predictable economic outlook.<\/p>\n<p>\u2014 John Dramani Mahama (@JDMahama) <a href=\"https:\/\/twitter.com\/JDMahama\/status\/1577291987253972994?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">October 4, 2022<\/a><\/p><\/blockquote>\n<p>Meanwhile, Rating agency, Moody\u2019s has downgraded Ghana\u2019s long-term issuer and senior unsecured debt ratings to\u00a0CAA2\u00a0from CAA1 and placed the ratings on review for downgrade.<\/p>\n<p>The rating downgrade to CAA2, it said, reflects the recent macroeconomic deterioration, further heightening the government\u2019s liquidity and debt sustainability difficulties and increasing the risk of default.<\/p>\n<p>This follows the recent downgrade of Ghana\u2019s credit rating to \u2018CC\u2019 from \u2018CCC\u2019 by Fitch.<\/p>\n<figure class=\"wp-block-embed is-type-wp-embed is-provider-myjoyonline-com wp-block-embed-myjoyonline-com\"\/>\n<p>Despite Ghana\u2019s tightening of monetary policy in response to the global price shock, it said inflation continues to rise from high levels and the currency has been under very significant pressure, adding, \u201ccombined, a sharp rise in interest rates, high inflation and a rapidly weakening currency exacerbate the government\u2019s debt challenges\u201d.<\/p>\n<p>\u201cWithout external support, the government\u2019s policy levers to arrest a worsening macroeconomic backdrop and heavier debt burden are extremely limited; the government\u2019s small revenue base, largely and increasingly absorbed by interest payments, further intensifies the policy dilemma between competing objectives, including servicing debt while meeting essential social needs. As a result, the risk of an eventual default has increased\u201d, it pointed out.<\/p>\n<p>Government is currently in negotiations with a team from the Fund to secure a programme.<\/p>\n<\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Former President, John Mahama has once again lamented the country\u2019s economic woes. Mr. Mahama in a Twitter post on Tuesday noted that the economic situation is \u201cdistressing\u201d and getting worse by the day. The NDC flagbearer for the 2020 elections called on the government to, promptly and with eagerness, secure a programme from the IMF [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1192969,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[187],"tags":[],"class_list":["post-1216317","post","type-post","status-publish","format-standard","has-post-thumbnail","category-politics"],"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1216317","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=1216317"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1216317\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/media?parent=1216317"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/categories?post=1216317"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/tags?post=1216317"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}