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18.12.2004 Business & Finance

Ghana's International Credit Rating to Rise

By Ghanaian Chronicle
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Ghana's international credit rating of 'B+ / B' by the Standard & Poors and FITCH is expected to soar into 'B++' or 'A' next year after the country successfully organized both the presidential and parliamentary elections, the Private Enterprise Foundation (PEF) Director-General has revealed.

The Director- General of PEF, Dr. Osei Boeh-Ocansey said this in an interview with The Chronicle last Thursday in Accra. He said compilers of the ratings are expected in the country from March to June next year to reassess Ghana's position.

Dr. Osei Boeh-Ocansey was of the view that with the cancellation of most of Ghana's debts after the completion point of the Highly Indebted Poor Countries (HIPC) initiative and the better management of the economy this year by the passing of the procurement, financial administration and internal audit bills into laws would contribute significantly to Ghana's up surge on the ratings. "The backlog of debts is being cleared currently with Japan ".

He said the surging of the rating means a reduction in the country's risk of doing business with multinationals and donor agencies and this would improve the rate of inflows of foreign capital into the economy. "If you do the right thing, you are more capable of moving forward."

He said for the economy to grow faster, the country needs a new set of strict people who would do the right thing and to manage the economy. "I think we have that in Dr. Osei Akoto, Mr. Osafo Marfo and Dr. Nii Ashong and if anybody thinks of bringing in new people, I would be a little cautious".

He continued, "They have not wavered at all because they could have pumped more money into the economy to win the elections by a wider margin but they didn't." He called on the government to bring into their fold new set of ideas and people to propel the economy to grow at 8%.

Interviewing stakeholders in the economy does the rating.

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