Ghana’s credit ratings downgraded to B-

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Ratings agency Standard and Poor's has downgraded Ghana's credit

ratings from B to B minus.

This means that Ghana's ability to pay its debts on time and has been

lowered even further. The downgrade of government's credit worthiness

was revealed in the Agency's latest assessment of the Ghanaian


The latest report says Ghana's finances may not improve anytime soon,

even if it gets support from lenders like the International Monetary

Fund (IMF).

According to Standard and Poors' the downgrade "reflects inherit risks

in financing Ghana's wide fiscal and current account deficits".

The agency adds that it sees Ghana's finances as very weak, because of

the rising wage bill and that government may have problems

implementing proposals by the IMF to help stabilize the economy.

Standard and Poor's puts Ghana's Net International Reserves at 1.2

billion dollars, whilst it projects that the country's reserves would

continue to weaken, putting pressure on the Ghana cedi, unless

government is able to secure funding from IMF and other

Multi-nationals from early next year.

The agency also revised Ghana's credit outlook from negative to

stable; but says it would further downgrade Ghana if the country's

reserves worsen in the coming years.


Kofi Oppong Kyekyeku

I am a Ghanaian Broadcast Journalist/Writer who has an interest in General News, Sports, Entertainment, Health, Lifestyle and many more.

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