Fitch lowers Ghana

Fitch Ratings said it cut Ghana’s long-term local-currency issuer default rating to Restricted Default (RD) from C. The agency also downgraded the issue ratings on local-currency bonds issued domestically to Default (D) from C.

Concurrently, the agency affirmed Ghana's long-term foreign currency IDR at C. Fitch typically does not assign outlooks to sovereigns with a rating of CCC+ or below.

“The downgrade of Ghana's local-currency denominated debt follows the completion of a domestic debt exchange offer by the Republic of Ghana. This transaction is an element of the recovery program for which the government is seeking the support of the IMF. On Dec. 12, 2022, Ghana and the IMF reached a staff-level agreement on a three-year arrangement under the Extended Credit Facility (ECF) of about $3 billion,” Fitch said in a press release.

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