MP for Bolgatanga Central and member of Parliament’s Accounts Committee, Isaac Adongo has rubbished Fitch’s upgrade of Ghana’s Long-Term (LT) Local-Currency (LC) Issuer Default Rating (IDR) to ‘CCC’ from ‘RD.’
The Bolgatanga Central lawmaker says there is nothing to celebrate about the upgrade because the reality on the ground is that of hardship and suffering visited on investors and pensioners through the government’s infamous domestic debt exchange programme.
Speaking in an interview Ahotor 92.3 fm in Accra, Mr. Adongo said that though Fitch thinks Ghana has made some gains with the domestic debt exchange program what the government has actually done is to postpone the problem of default.
“Fundamentally, there is nothing worthy to celebrate about the upgrade because what they have simply done is deny poor people and pensioners their monies and Fitch is celebrating that as a gain but to the people affected, they will not be happy and will not celebrate such a rating.”
Mr. Adongo further elaborated that the upgrade can simply be described as a postponement of the country’s debt which has created a breathing space for the government.
Godfred Sey/ Ahotoronline.com
