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

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


General News of Saturday, 6 August 2022Source: www.ghanaweb.comAmerican credit rating agency, Standard and Poor's (S&P) Global Ratings on Friday, August 5, pushed Ghana's debt further into speculative territory, lowering its foreign and local currency sovereign ratings to CCC+/C from B-/B. According to a report by marketwatch.com, S&P said its outlook for the country remains negative, "reflecting Ghana's limited commercial financing options, and constrained external and fiscal buffers." "While these changes could improve the tax take going forward, the situation remains challenging, and over the first half of 2022, the fiscal deficit has exceeded the government's ambitious target," S&P Global Ratings stated. S&P Global Ratings had affirmed Ghana's ratings in February, as Moody's downgraded the country to Caa1 with a stable outlook. Of the total debt stock, domestic debt was GH¢190.1 billion (37.8 percent of GDP), while the external debt was GH¢203.4 billion (40.5 percent of GDP).


Source: GhanaWeb August 06, 2022 11:49 UTC



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