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S&P downgrades Ghana's credit rating from B- to CCC+ - Report

Ratings agency, S&P Global Ratings, has revised Ghana’s rating from B-/B to CCC+/C, putting the country’s creditworthiness into junk status.

It also reviewed the country’s economic outlook to negative, reflecting “Ghana’s limited commercial financing options, and constrained external and fiscal buffers.”

“Demand for foreign currency has been driven higher by several factors, including nonresident outflows from domestic government bond markets, dividend payments to foreign investors and higher costs for refined petroleum products”.

Already, the local currency has seen a sharp depreciation in recent times. It’s nearing ¢9 to one US dollar.

Aug. 8, 2022

References:

• https://www.ghanaweb.com/GhanaHomePage/business/S-P-downgrades-Ghana-from-B-to-CCC-Report-1597385
• https://www.pulse.com.gh/business/local/sandp-downgrades-ghanas-credit-ratings-to-cccc-and-outlook-negative/wpgfq6r
• https://www.reuters.com/world/africa/ghana-disappointed-by-sp-rating-downgrade-promises-turnaround-2022-08-08/
• https://www.myjoyonline.com/sp-revises-ghanas-rating-to-ccc-outlook-negative/
• https://www.cnbcafrica.com/media/6310596433112/
• https://citinewsroom.com/2022/08/fitch-downgrades-ghanas-credit-rating-from-b-to-ccc/
• https://www.fitchratings.com/research/sovereigns/fitch-downgrades-ghana-to-ccc-10-08-2022
• https://www.graphic.com.gh/business/business-news/fitch-downgrades-ghana-to-ccc.html