S&P lowers Ghana’s credit outlook to negative on weak fiscal stance

Standard & Poor’s (S&P) has also cutdown Ghana’s credit outlook to negative from stable.

This was after fellow credit rating agency, Moody’s also downgraded the country’s outlook to a similar negative position on December 5, 2013.

Both cited weaknesses in Ghana’s fiscal stance as it gets deteriorated.

“The negative outlook indicates at least a one-in-three possibility that we could lower the ratings on Ghana within the next 12-18 months, due to its weakening fiscal and external profile,” S&P said in a statement December 6, 2013.

S&P affirmed its ‘B’ long-term and ‘B’ short-term foreign and local currency sovereign ratings on Ghana.

By Ekow Quandzie