S&P affirms Ghana at B

Standard & Poor's said it affirmed its B long-term and B short-term sovereign foreign and local currency credit ratings on the Republic of Ghana. The outlook is stable.

The transfer and convertibility assessment remains at B+.

S&P said the ratings on the Republic of Ghana are constrained by its view of the country's continued weak fiscal management, which has contributed to large fiscal deficits and supplier arrears. The ratings are also constrained by low economic development and - despite oil production commencing - a still-narrow economic profile, the agency said.

The ratings are supported by strong GDP growth, strengthening oil production volumes, which over the medium term will likely support improved fiscal and external balances, and a track record of political stability, the agency said.

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