OVERVIEW Ghana faces large fiscal and external financing needs, based on its large general government fiscal deficit, which for the second year running stood at over 10% of GDP in 2013. Owing to a very high wage bill and other constraints, fiscal consolidation is likely to be slow. That said, political stability, strong growth prospects, and strong foreign investment will support Ghana's credit profile in the medium term. We are therefore affirming our 'B/B' long- and short-term foreign and local currency sovereign credit ratings on Ghana. The negative outlook indicates at least a one-in-three possibility that we could lower the ratings on Ghana within the next 12 months, due to its weak fiscal and external profile. RATING ACTION On May
