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The Director of Business Operations at Dalex Finance and Leasing Company Limited, Joe Jackson, has asked the government to fix the problems that are causing bad ratings, and not blame rating agencies for contributing to the country’s current economic woes.
This follows President Nana Addo Dankwa Akufo-Addo’s statement that consistent downgrades of Ghana’s economy by credit rating agencies had contributed to the country’s current economic woes.
Speaking at the 30th-anniversary celebration of the African Export-Import Bank in Accra, President Akufo-Addo said such “reckless downgrades” were not in the best interests of developing countries like Ghana.
However, speaking on Eyewitness News on Citi FM in Accra on Tuesday, Mr. Jackson noted that rating agencies only work with the facts and figures churned out by the government, and therefore should not be blamed for the ratings.
“Rating agencies are looking at the numbers that the Ghana government churns out. The same numbers that you and I looked at that one time, and we said that Ghana is borrowing too much, that Ghana cannot pay its debt, that Ghana is broke, those are the same numbers that the rating agencies look at and then send to their clients.”
“So, for me, what we have to do is to fix the problem that is causing that bad rating, because when the rating agencies were giving us good ratings, we were happy to tag them as evidence of our success,” he stated.
Mr. Jackson said that the rating agencies are independent bodies whose intention is not to favour or condemn anyone.
“Rating agencies don’t exist to favour or condemn anyone. If a rating agency is consistently condemning or favouring someone against the facts on the ground, that agency will be deemed unreliable. The very essence of a rating agency is to be independent because if your clients think that your evaluation is biased, nobody will take it,” he added.
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