President Akufo-Addo had described the downgrade as ‘reckless'. He said the downgrades exacerbated the challenges in African countries including Ghana.
Fitch Ratings, for instance, in April this year downgraded Ghana's Long-Term Local-Currency (LTLC) Issuer Default Rating (IDR) to ‘RD' from ‘CCC'.
President Akufo-Addo said at the 30th Annual Meeting of the Afreximbank on Sunday, June 18 that “the AU champion for African financial institutions and leader of a country that recently had to deal with one of the most difficult periods in his post-independent history, difficulties that were exacerbated by the reckless behaviour of rating agencies that engaged in pro-cyclical downgrades that shut Ghana out of the capital market and turned a liquidity crisis into a solvency crisis.”
Reacting to this in a tweet, Dr Apaak said “President Nana Addo Dankwa Akufo-Addo calling rating agencies reckless, really? Who has been most reckless as President of Ghana than the Mother Serpent of Corruption? [He] vex because he cannot borrow to fly and bath in the sky and to build his pet cathedral!”