{"id":100976,"date":"2015-03-20T08:53:51","date_gmt":"2015-03-20T08:53:51","guid":{"rendered":"http:\/\/4cd.e16.myftpupload.com\/?p=100976"},"modified":"2015-03-23T05:51:26","modified_gmt":"2015-03-23T05:51:26","slug":"ghana-downgraded-deeper-into-junk-status-by-moodys","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2015\/03\/ghana-downgraded-deeper-into-junk-status-by-moodys\/","title":{"rendered":"Ghana downgraded deeper into \u2018junk status\u2019 by Moody\u2019s"},"content":{"rendered":"<p>The international rating agency Moody\u2019s has pushed further down, Ghana\u2019s rating, after Finance Minister Seth Terkper announced the <a href=\"http:\/\/4cd.e16.myftpupload.com\/2015\/03\/12\/govt-lowers-2015-oil-revenue-target-by-64\/#sthash.k3MC9JNL.dpbs\" target=\"_blank\"><span style=\"color: #666699;\"><strong>crippling effects<\/strong> <\/span><\/a>of the tumbling crude oil prices on Ghana.<\/p>\n<p>Ghana\u2019s sovereign foreign-currency rating was lowered one step to B3, six levels below investment grade, Moody\u2019s said on Thursday.<\/p>\n<p>The Finance Minister announced to Parliament recently that government had lowered to about 64%, expected oil revenues for the year 2015, which is expected to have serious implications for government spending.<\/p>\n<p>Seth Terkper also noted that the budget deficit will be wider than previously expected, amending the target from 6.5% of GDP to 7.5%.<\/p>\n<p>Moody\u2019s latest downgrade on Ghana is the second in less than one year.<\/p>\n<p>[contextly_sidebar id=&#8221;nZu9cHJORle1OwoRDzQ3tsIEMfeaBw9X&#8221;]\u201cThe negative outlook reflects further downside risk to the country\u2019s debt dynamics and liquidity pressure in the short-term if the country\u2019s policies fail to successfully contain its fiscal deficit, stabilize its currency and address current impediments to higher economic growth,\u201d Moody\u2019s said.<\/p>\n<p>Government <a href=\"http:\/\/4cd.e16.myftpupload.com\/2015\/02\/26\/confirmed-ghana-gets-us940m-in-imf-bailout-deal\/#sthash.Kxy5KqiF.dpbs\" target=\"_blank\"><span style=\"color: #666699;\"><strong>turned to the International Monetary Fund<\/strong><\/span><\/a> (IMF) for support after the economic conditions in the country sent worrying signs to the international community.<\/p>\n<p>The IMF intervention was expected to shore up confidence in the economy but another international rating agency Fitch, <a href=\"http:\/\/4cd.e16.myftpupload.com\/2015\/02\/28\/fitch-waters-down-effects-of-imf-ghana-agreement\/#sthash.wys1u4Ip.dpbs\" target=\"_blank\"><span style=\"color: #666699;\"><strong>downplayed the impact<\/strong><\/span><\/a> and said it will be \u201cchallenging\u201d for Ghana to stick to the 3-year staff level agreement it reached with the IMF)worth $940 million.<\/p>\n<p>&nbsp;<\/p>\n<p>By: Nana Boakye-Yiadom\/citifmonline.com\/Ghana<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The international rating agency Moody\u2019s has pushed further down, Ghana\u2019s rating, after Finance Minister Seth Terkper announced the crippling effects of the tumbling crude oil prices on Ghana. Ghana\u2019s sovereign foreign-currency rating was lowered one step to B3, six levels below investment grade, Moody\u2019s said on Thursday. The Finance Minister announced to Parliament recently that [&hellip;]<\/p>\n","protected":false},"author":25,"featured_media":32798,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[43,38,21,4],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Ghana downgraded deeper into \u2018junk status\u2019 by Moody\u2019s - Citi 97.3 FM - Relevant Radio. 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