Dr Ato Forson: NDC MP Predicts Fitch, S&P And Moody's Expected To Downgrade Ghana's Rating To Default

• The Ranking Member of Parliament's Finance Committee has made a shocking disclosure about Ghana's economic outlook
• Dr Cassiel Ato Forson says the country's dire financial situation will lead to further downgrades from all the major credit rating agencies
• This follows the announcement of the suspension of Ghana's external debt payments

The minority spokesperson on finance, Dr Cassiel Ato Forson, has revealed how credit rating agencies worldwide will begin to downgrade Ghana's outlook.

According to him, agencies such as Fitch, S&P and Moody's will downgrade the country's rating to default.

Finance Minister Announces Suspension Of All Ghana's External Debt Payments

This comes after the Finance Minister, Ken Ofori-Atta, announced the suspension of all Ghana's external debt payments.

The Ajumako-Enyan-Essiam MP explained that the development only means one thing, Ghana is broke.

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Mahama classifies Ghana as a bankrupt country following suspension of external debt payment

We Can't Repay Our Loans Because We're Broke - Dr Ato Forson

In an exclusive interview with YEN.com.gh, he said the country cannot repay its debts because of its insolvency.

"We cannot repay our debt because we are insolvent or bankrupt! Fitch, S&P and Moody's are expected to downgrade our rating to Default (D) immediately!" he said.

Debts: Government Announces Suspension Of All External Debt Payments Including Eurobonds, Commercial Loans

Earlier, YEN.com.gh reported that the Ghanaian government had announced the suspension of all its external debt payments including Eurobonds, commercial loans and most of Ghana’s bilateral debts.

A statement signed by the ministry of finance announcing the move said the suspension decision was arrived at, pending an orderly restructuring of the affected obligations.

The statement added that the suspension of the debts aims to control the country’s unsustainable debt and said it is an interim emergency measure.

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Government announces suspension of all external debt payments including Eurobonds, commercial loans and most of Ghana’s bilateral debts

Ofori-Atta: Finance Minister Hopeful 2023 Will Be Ghana’s Turnaround Year

Meanwhile, YEN.com.gh also reported that Ofori-Atta had expressed optimism about the prospects of the Ghanaian economy next year.

He said he is confident that 2023 will be the comeback year for Ghana's troubled economy and urged Parliament to play its part to make that happen.

He promised that 2023 will be a year in which Ghana builds stronger foundations that would allow the country to change for the better.

Source: YEN.com.gh