Last week ended on a heartwarming news item: Ghana’s credited rating appreciated from a B- to B, development which reflects the responsiveness of the ailing economy to the treatment administered by the economic management team; a government agency.
It is news worthy of celebration when we recall the near state of hopelessness in which the country’s credit rating was at the inception of the Akufo-Addo administration.
It is instructive to recall how in the past few weeks, unproductive efforts were put in to render the transient pressure on the Cedi by the Dollar as an indication of a failed policy to turn the economy around.
Those weeks had been full of dramatized politicization of the Cedi to Dollar exchange rate with those behind the theatricals especially putting Vice President Mahamudu Bawumia on the spot. They doubtlessly could be patting each other on the back and shouting ‘we got him.’
While some of the politicians leading this charge knew in their hearts that the economic fundamentals were good, they nonetheless joined the bandwagon in the NDC to pick imaginary holes in government fiscal policies. Others, who on the other hand do not simply comprehend the rather complex issues of economics, were the noisiest within the pack.
We are glad that that those who do not want to acknowledge strides being made by government nonetheless regard the Vice President Dr. Mahamudu Bawumia as the face of the management of the economy hence their unprovoked attack on him when they are confused about certain aspects of our fiscal state vis a vis the Cedi’s strength.
Would they be sincere enough to doff their hats for him if such a positive rating has been posted? They would likely not be that sincere because that is not their style more so since the Vice President is deservedly relishing the good tidings. They would rather sulk and sneer at Standards & Poor Global for releasing their assessment at this time when the propaganda machine of the opposition NDC is at full throttle.
As a science, economics is based on a set and standard theories beyond the grasp of the uninitiated. For such persons therefore, the rating under review will only befuddle them further.
The marks scored by the government reflect the hard work of the economic management team and related agencies.
The long-term economic prospects are bright and for us, this is a source of excitement. Considering the duration of the government so far at the helm and the achievement, not forgetting the prognosis of Standards & Poor, there is cause to be optimistic.
That the rating, according to Standards & Poor, reflects the fact of Ghana’s monetary policy effectiveness is a suggestion of the rather poor point at the time of taking over the mantle of leadership from the previous government.
We have also taken note of the reference by the rating consortium about the intervention of the Bank of Ghana in the matter of the failed banks and the positive results thereof. There is a glowing light at the end of the tunnel.