{"id":26064,"date":"2022-10-01T18:06:09","date_gmt":"2022-10-01T18:06:09","guid":{"rendered":"https:\/\/www.africa-press.net\/ghana\/uncategorized\/it-will-take-ghana-3-years-to-return-to-international-capital-market-finance-minister"},"modified":"2022-10-01T18:20:11","modified_gmt":"2022-10-01T18:20:11","slug":"it-will-take-ghana-3-years-to-return-to-international-capital-market-finance-minister","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/ghana\/all-news\/it-will-take-ghana-3-years-to-return-to-international-capital-market-finance-minister","title":{"rendered":"It will take Ghana 3 years to return to International Capital Market \u2013 Finance Minister"},"content":{"rendered":"

Africa-Press – Ghana. <\/strong><\/span>It will take Ghana about three years to return to the International Capital Market due to the negative impact of downgrades on the economy by international rating agencies, Finance Minister, Ken Ofori-Atta has said.<\/p>\n

The three rating agencies, Fitch<\/a>, Moody\u2019s and Standard & Poor\u2019s have all downgraded the country\u2019s credit worthiness to junk status.<\/p>\n

According to him, the government needed to work on its current economic downgrade and other fiscal measures in order to get back into the market.<\/p>\n

\u201cReturning to the International Capital Market is going to take a bit of time. It will take about two to three years before we can be able to work on our ratings before that time. The recent downgrade is very unfortunate\u201d, he said at a press conference in Accra on Wednesday.<\/p>\n

Mr Ofori-Atta, said the current downgrade of the country\u2019s rating by some international ratings agencies <\/a>\u2013 Fitch, Moody\u2019s, and Standard and Poor\u2019s would be reversed through policy measures in the next few years, preparing the grounds for Ghana to go back to the International Capital Market.<\/p>\n

Giving his opinion on the recent downgrade of Ghana\u2019s economic status by Fitch, Mr Ofori-Atta described the move as very unfortunate and likely to have an adverse effect on Ghana\u2019s bond market.<\/p>\n

\u201cThe issue of Fitch\u2019s downgrade is unfortunate. In their email to us, they referred to the Bloomberg article that influenced their decision. It sort of further depresses the bonds on the international market and results in additional losses to investors.\u201d<\/p>\n

\u201cOnce we got downgraded to triple C, we are also expecting that the economic programme that is being worked on which will be the basis for the IMF discussions would help us to come back to some strong matrices so that we will be able to get some ratings revised over that period.<\/p>\n

He blamed a recent Bloomberg story suggesting that Ghana was going to restructure its domestic debt as the reason behind the recent downgrade of the country\u2019s credit rating by Fitch.<\/p>\n

Fitch Ratings recently, downgraded Ghana\u2019s Long-Term Local \u2013 and Foreign-Currency Issuer Default Ratings (IDRs) from \u2018CCC\u2019 to \u2018CC\u2019.<\/p>\n

This is the second time in 2022 that the rating agency has downgraded Ghana\u2019s credit worthiness.<\/p>\n

For More News And Analysis About Ghana<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Ghana. It will take Ghana about three years to return to the International Capital Market due to the negative impact of downgrades on the economy by international rating agencies, Finance Minister, Ken Ofori-Atta has said. The three rating agencies, Fitch, Moody\u2019s and Standard & Poor\u2019s have all downgraded the country\u2019s credit worthiness to […]<\/p>\n","protected":false},"author":84,"featured_media":26063,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,7,8],"tags":[5092,5096,403,429,1827],"class_list":["post-26064","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-head-lines","category-homepage-english","tag-africa-press","tag-africa-press-ghana","tag-finance-minister","tag-ghana","tag-return"],"yoast_head":"\nIt will take Ghana 3 years to return to International Capital Market \u2013 Finance Minister - Ghana<\/title>\n<meta name=\"description\" content=\"It will take Ghana about three years to return to the International Capital Market due to the negative impact of downgra ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/ghana\/all-news\/it-will-take-ghana-3-years-to-return-to-international-capital-market-finance-minister\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"It will take Ghana 3 years to return to International Capital Market \u2013 Finance Minister\" \/>\n<meta property=\"og:description\" content=\"It will take Ghana about three years to return to the International Capital Market due to the negative impact of downgra ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/ghana\/all-news\/it-will-take-ghana-3-years-to-return-to-international-capital-market-finance-minister\" \/>\n<meta property=\"og:site_name\" content=\"Ghana\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-10-01T18:06:09+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-10-01T18:20:11+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2022\/10\/postQueueImg_1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/it-will-take-ghana-3-years-to-return-to-international-capital-market-finance-minister#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/it-will-take-ghana-3-years-to-return-to-international-capital-market-finance-minister\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"It will take Ghana 3 years to return to International Capital Market \u2013 Finance Minister\",\"datePublished\":\"2022-10-01T18:06:09+00:00\",\"dateModified\":\"2022-10-01T18:20:11+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/it-will-take-ghana-3-years-to-return-to-international-capital-market-finance-minister\"},\"wordCount\":399,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/it-will-take-ghana-3-years-to-return-to-international-capital-market-finance-minister#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2022\/10\/postQueueImg_1.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Ghana\",\"Finance Minister\",\"ghana\",\"return\"],\"articleSection\":[\"all news\",\"Economy\",\"head lines\",\"homepage-english\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/ghana\/all-news\/it-will-take-ghana-3-years-to-return-to-international-capital-market-finance-minister#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/it-will-take-ghana-3-years-to-return-to-international-capital-market-finance-minister\",\"url\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/it-will-take-ghana-3-years-to-return-to-international-capital-market-finance-minister\",\"name\":\"It will take Ghana 3 years to return to International Capital Market \u2013 Finance Minister - 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