African Peer Review disappointed in Ghana’s downgrade
The African Peer Review Mechanism (APRM) has expressed disappointment at the recent downgrade of Ghana's economy by two international credit ratings agencies.
The APRM, which has the mandate from the African Union (AU) Assembly to support African countries in the area of credit ratings, said ratings actions by Standard and Poor's (S&P) and Fitch was unnecessary and risked worsening the confidence decline in the economy.
In a statement reacting to the actions of the agencies, the continental body described the downgrades as one of the "unjustified negative rating actions in Africa since the beginning of 2022."
It said the actions were "unwarranted and contrasting the continent’s economic recovery efforts from the devastating impact of the Covid-19 pandemic.
"This is compound...
