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Sunday, February 5, 2023

S&P revises Ghana’s rating to ‘CCC+/C’, outlook negative – Citi Business News

Ratings agency, S&P Global Ratings, has revised Ghana’s rating from B-/B to CCC+/C.

After a careful assessment of the economy, S&P said its outlook for the country is negative, “reflecting Ghana’s limited commercial financing options, and constrained external and fiscal buffers.”

In a statement issued on Friday August 5, 2022, S&P Global Ratings noted that the Covid-19 pandemic and the Russian invasion of Ukraine have worsened Ghana’s fiscal and external imbalances.

“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,” it said.

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