Ghana continues to face acute fiscal and external imbalances amid slowing economic growth, low commodity prices, and heightened exchange rate volatility. We project interest payments to reach about one third of government revenues on average in 2015-2018. At the same time, we think the IMF program approved on April 3, 2015, will help address imbalances, while projected increased oil production will likely support Ghana?s economic growth prospects from late 2016. We are therefore affirming our 'B-' long-term and 'B' short-term ratings on Ghana. The stable outlook reflects our view that wide fiscal and external accounts deficits will persist over the next year, while the IMF program will lead to gradual fiscal consolidation and medium-term growth prospects will improve with increased
