S&P upgrades Ghana

S&P said it raised its long-term foreign and local currency sovereign credit ratings on Ghana to B from B-.

The outlook is stable.

The agency affirmed the short-term foreign and local currency sovereign credit ratings at B.

S&P revised the transfer and convertibility assessment to B+ from B.

“The upgrade reflects our assessment that Ghana's monetary policy effectiveness has improved, albeit from a low base, and will support the credibility of the inflation-targeting framework over the period,” the agency said in a news release.

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