Flashback: What Akufo-Addo said about Moody’s credit rating under Mahama


In 2016 a few months to the general elections, Moody’s put Ghana’s Credit Ratings at B3 with a stable outlook having previously put the outlook at negative but this was disputed by the then opposition led by then Candidate Nana Addo Dankwa Akufo-Addo.

The rating agency of international repute reported that its rating of Ghana’s Long Term Bond Ratings from negative to stable had been due to “significant fiscal deficit reduction and success in implementing structural reforms over the past year, as well as reduction in government liquidity risk on the external side.”

It had also indicated “that the proceeds of the US$750m Eurobond earmarked for debt repayments is part of the key drivers for the stabilization of the rating.”

“Improved balance of payments dynamics, including improved FDI inflows and continued development of oil and gas resources” had also been given as reasons.

But the then presidential candidate of the New Patriotic Party (NPP) disputed the rating at the campaign launch of NPP Parliamentary nominee at the time for the Weija-Gbawe Constituency in Accra, Tina Mensah.

Nana Akufo-Addo argued that the rating was not the reality of the of Ghana’s economy at the time, insisting that there were evident economic issues that the Mahama administration had failed to resolve.

“Is NDC taking the massive unemployment rate in our country into account? This is not the way that the Ghanaian people want to be governed. They expect to be governed with truth not with deception, with honesty and not with lies, with policy and not with propaganda,” Nana Addo had asserted.