Fitch: Ghana outlook negative

Fitch Ratings said it has revised the outlook on Ghana's long-term foreign and local currency issuer default ratings to negative from stable and affirmed them at B+.

The agency has also affirmed the short-term issuer default rating at B and country ceiling at B+.

Fitch said that the revision of the outlook to negative reflects the severe deterioration in the fiscal deficit to 12.1% of GDP in the run up to the December 2012 election. This is nearly double the government's target of 6.7% set in July's supplementary budget and well above the initial budget of 4.8% agreed at the start of the year.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.