Fitch affirms Ghana

Fitch Ratings said it affirmed Ghana's long-term foreign and local currency issuer default ratings at B+ with a stable outlook and short-term foreign currency issuer default rating at B.

The agency said it has also affirmed the country ceiling at B+.

"The affirmation of Ghana's rating reflects improved macro stability and strong growth. Trends on the fiscal balance are improving and oil revenues will boost the current account by $3.5 billion to $4.1 billion in 2011-2013," said Veronica Kalema, director in Fitch's sovereign group.

"Maintaining this improved fiscal trend will be crucial ahead of next year's elections."

Ghana's economy is recovering strongly following the 2008 global financial crisis and the subsequent start of oil production, the agency added.

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