...OVERVIEW Ghana continues to face acute fiscal and external imbalances amid slowing + economic growth, low commodity prices, and heightened exchange rate volatility. We project interest payments to reach about one third of government revenues on average in 2015-2018. At the same time, we think the IMF program approved on April 3, 2015, will help + address imbalances, while projected increased oil production will likely support Ghana's economic growth prospects from late 2016. We are therefore affirming our 'B-' long-term and 'B' short-term ratings on + Ghana. The stable outlook reflects our view that wide fiscal and external accounts + deficits will persist over the next year, while the IMF program will lead to gradual fiscal consolidation and medium-term growth prospects will improve with increased oil and gas production. RATING ACTION On Oct. 23, 2015, Standard & Poor's Ratings Services affirmed its 'B-/B' long- and short-term foreign and local currency sovereign credit ratings on Ghana....
