According to him, this is due to the recent negative economic downgrades from international rating agencies; Moodys Fitch and Standards and Poor’s who have rated Ghana’s creditworthiness to junk status.
Speaking at a press briefing in Accra on September 28, Ken Ofori-Atta, said government is now focused on ensuring it implements the necessary fiscal policy measures in order to regain access to the international capital market.
“Returning 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," he said.
Over a period, demand for forex has overtaken supplies at a time when high debts and low investor confidence have made it impossible for Ghana to access the international capital market for borrowing.
This has led to the downgrading of Ghana’s creditworthiness, the depreciation of the local currency, and others.
Ghana has now entered negotiations with the International Monetary Fund for a possible economic support programme which is expected to be accessed in 2023.
Ken Ofori-Atta, Finance Minister