Ghana's improving banking sector stability and lower inflation support our view that the effectiveness and transmission mechanism of its monetary policy have improved. We are therefore raising our long-term ratings on Ghana to 'B' from 'B-'. We are affirming the short-term foreign and local currency sovereign credit ratings at 'B'. The outlook is stable. On Sept. 14, 2018, S&P Global Ratings raised its long-term foreign and local currency sovereign credit ratings on Ghana to 'B' from 'B-'. The outlook is stable. We affirmed the short-term foreign and local currency sovereign credit ratings at 'B'. At the same time, we revised our transfer and convertibility (T&C) assessment to 'B+' from 'B'. The upgrade reflects our assessment that Ghana's monetary policy effectiveness
