OVERVIEW In our view, meeting Ghana's external financing needs will remain a challenge even if it receives increased financial support from official lenders. We are therefore lowering our long-term ratings on Ghana to 'B-' from 'B' and affirming our 'B' short-term ratings. The stable outlook balances our expectation of high fiscal and external deficits over the next year, against relatively strong economic growth prospects if the government realizes potential production in the oil and gas sectors. RATING ACTION On Oct. 24, 2014, Standard&Poor's Ratings Services lowered its long-term foreign and local currency sovereign credit ratings on Ghana to 'B-' from 'B'. We affirmed the 'B' short-term sovereign credit ratings. The outlook is stable. Concurrently, we revised downward our
