Ghana's fiscal performance deteriorated substantially over 2016 from an already weak position, because of increased expenditures, including those related to last year's elections and revenue underperformance linked to slower economic growth. The new government has committed to reduce fiscal imbalances as part of the International Monetary Fund's ongoing program, and we expect growth to pick up as new oil production comes online. We are affirming our 'B-/B' ratings on Ghana. The stable outlook on Ghana reflects our opinion that accelerating economic growth will offset risks from weak fiscal and external positions at the already weak rating level. On April 7, 2017, S&P Global Ratings affirmed its 'B-/B' long- and short-term foreign and local currency sovereign credit ratings on the Republic
