Ghana continues to face acute fiscal and external imbalances amid slowing economic growth. We think the new International Monetary Fund (IMF) program approved on April 3, 2015, will help in addressing fiscal and external imbalances, while projected increased oil production will likely support Ghana's economic growth prospects from late 2016. We are therefore affirming our 'B-/B' ratings on Ghana. The stable outlook balances our view that wide fiscal and external accounts deficits will persist over the next year against positive medium-term growth prospects if the government realizes potential increased oil and gas production and consolidation under the IMF's program materializes. On April 24, 2015, Standard&Poor's Ratings Services affirmed its 'B-/B' long- and short-term foreign and local currency sovereign
