15th March 2024, Ghana, Accra - In line with Decision Assembly/AU/Dec.631(XXVIII) directing the African Peer review Mechanism (APRM) to provide support to African Union member states in the field of Credit Rating Agencies, the APRM undertook a technical support mission to Ghana from the 11th to the 15th of March 2024. This mission was necessitated by the recent credit rating downgrades which were contested by the Government of Ghana for inaccuracies.
The mission to Ghana is part of this ongoing effort to capacitate AU member states in their engagements with leading credit rating agencies - Standard and Poor’s, Moody’s, and Fitch.
During the mission, a diverse team of experts from the APRM Continental Secretariat, Ministry of Finance in Egypt, Collaborative Africa Budget Reform Initiative (CABRI), Economic Commission for Africa (UNECA), led by Dr McBride Nkhalamba, APRM Acting Director of Governance and Specialised Reporting, engaged with various stakeholders. These included representatives from the Ministry of Finance and Economic Planning, Bank of Ghana, Securities Exchange Commission, Ghana National Chamber of Commerce and Industry, Ghana Union of Traders Association (GUTA), Institute of Directors, as well as international bodies such as the United Nations Resident Coordinator and the International Monetary Fund (IMF).
The mission that aimed at sensitizing the Ghanaian government and stakeholders on APRM's work on credit rating, assess the challenges faced by Ghana in this regard, identify capacity needs and gaps, evaluate preparedness for engaging with rating agencies, review the National Treasury's strategy, and assess the implementation of credit rating review recommendations, among others.
The outcomes of the mission will have far-reaching bearing. A detailed report containing key findings and recommendations will be compiled, alongside a work plan and support program tailored specifically for Ghana. Additionally, the insights gained from this mission will be documented in the African Union-APRM Sovereign Credit Rating Review report, a continental biannual publication, thus contributing to a broader understanding of credit rating dynamics across Africa.
For further information please contact:
Media Contact:
Ms. Lydie Bokoko
E-mail: lydie.bokoko@aprm-au.org
