Fitch ratings agency upgraded Ghana’s outlook to stable on Friday and said the government was making progress in stabilizing the economy after a period of crisis.<\/p>\n
The agency kept its ‘B’ rating on the gold, oil and cocoa producer, but said it expected a revival of GDP growth and a decline in inflation and the budget deficit.<\/p>\n
Ghana was seen as having one of Africa’s most dynamic economies until it was hit by fall in oil prices and a fiscal crisis caused by government spending on civil service wages in 2014.<\/p>\n
It is now following a $918-million International Monetary Fund programme to restore fiscal balance.<\/p>\n
The government of President Nana Akufo-Addo, which took power in January promising to rebuild finances, called the rating a vote of confidence in its turnaround strategy.<\/p>\n
“We have sought to bring clarity into what we are doing and we have taken steps with more transparency. This has been the anchor of our policy,” a senior government official told Reuters.<\/p>\n
The government had said it found a hole in the budget and a bigger-than-expected deficit when it took over after winning elections in January.<\/p>\n
–<\/p>\n
Credit:\u00a0 Reuters<\/p>\n","protected":false},"excerpt":{"rendered":"
Fitch ratings agency upgraded Ghana’s outlook to stable on Friday and said the government was making progress in stabilizing the economy after a period of crisis. The agency kept its ‘B’ rating on the gold, oil and cocoa producer, but said it expected a revival of GDP growth and a decline in inflation and the […]<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_social_meta":[],"jnews_override_counter":[],"footnotes":""},"categories":[32,171],"tags":[],"class_list":["post-318688","post","type-post","status-publish","format-standard","hentry","category-business","category-local-economy"],"_links":{"self":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/318688","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=318688"}],"version-history":[{"count":0,"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/318688\/revisions"}],"wp:attachment":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=318688"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=318688"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=318688"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}