We project a gradual pickup in Ghana's economic growth in 2016, owing to a more reliable power supply, while increased oil production from late 2016 should sustain medium-term growth. Ghana's fiscal consolidation remains broadly on track, with a projected fall in the deficit to 5.3% of GDP in 2016, mainly thanks to the introduction of revenue measures such as higher value-added tax and tight expenditure control; nevertheless, Ghana's main public power utilities represent a risk to public finances. We are therefore affirming our 'B-' long-term and 'B' short-term ratings on Ghana. The stable outlook balances vulnerability inherent to Ghana's fiscal and external deficits with policy support provided by a program of the International Monetary Fund. On April 22, 2016, Standard
