Fitch revises Ghana view to stable

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

The agency also affirmed the issue ratings on Ghana's senior unsecured foreign and local currency bonds at B, as well as the BB- rating on its $1 billion partially guaranteed note.

The country ceiling and short-term foreign and local currency issuer default ratings were affirmed at B.

Fitch said Ghana is making progress in stabilizing its economy after its recent crisis period, with an expected revival in GDP growth, declining inflation, a more stable currency and increasing foreign exchange reserves.

Furthermore, the agency judges that the new government will make progress in reducing the budget deficit after the election-related slippage in 2016, albeit with continued downside risks.

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