We expect Ghana's GDP growth to decelerate to just 1% in 2020 because of the adverse impact of the COVID-19 pandemic, compounded by weaker global commodity prices. Widening fiscal and external deficits will put pressure on the country's external buffers, increasing Ghana's vulnerability to volatile nonresident capital flows. Even though we expect growth to rebound in 2021, the fallout from the ongoing macroeconomic shock could make medium-term fiscal consolidation plans more challenging. We are therefore revising our outlook on Ghana to negative from stable and affirming our 'B/B' ratings. On April 30, 2020, S&P Global Ratings revised its outlook on Ghana to negative from stable. At the same time, we affirmed our long- and short-term foreign and local currency sovereign
