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06.02.2004 Business & Finance

BUDGET: Ghana scored high credit rating in 2003

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Accra, Feb. 6, GNA - Ghana scored a high credit rating of B+ under a Sovereign Credit Rating conducted by Standard and Poors (S&P), a renowned international sovereign credit rating company last year. Mr Yaw Osafo Maafo, Minister of Finance and Economic Planning, who announced this in the government's 2004 Budget statement to Parliament on Thursday, attributed the feat to government's firm commitment to macro-economic stabilization and structural reforms including the bold initiative to go for the Highly Indebted Poor Country (HIPC) debt relief.

He said the B+ rating compared favourably with countries like Senegal, Brazil and Turkey, adding: "This is a big boost for the private sector, which can take advantage of this rating to obtain external sources of funding on more competitive terms."

Mr Osafo Maafo said factors considered in the ratings included among others, sovereign default, good governance, socio-economic stability and risks associated with financial transactions in the country.

He said in addition, Fitch Ratings, another internationally renowned company also assessed Ghana B+ with a positive outlook in its rating.

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