The COVID-19 pandemic will exacerbate Ghana's fiscal challenges, with government debt increasing to over 70% of GDP in 2020 and interest payments consuming half of fiscal revenue. We now expect a more prolonged fiscal adjustment post pandemic and only slow progress in improving the government debt profile We are therefore lowering our long-term ratings on Ghana to 'B-' from 'B', and affirming our 'B' short-term ratings. The outlook is stable. On Sept. 11, 2020, S&P Global Ratings lowered its long-term foreign and local currency sovereign credit ratings on Ghana to 'B-' from 'B' and affirmed its 'B' short-term ratings on the sovereign. The outlook on is stable. In addition, we have revised down our transfer and convertibility (T&C) assessment to
