This report supplements our research update "Ghana Outlook Revised To Negative On Fiscal Slippage And External Risks; 'B/B' Ratings Affirmed," published on Dec. 6, 2013. To provide the most current information, we may cite more recent data than that stated in the previous publication. These differences have been determined not to be sufficiently significant to affect the rating and our main conclusions. The outlook revision followed the deterioration we see in Ghana's fiscal and external position. The ratings are mainly constrained by the government's weak fiscal stance in terms of deficits, debt stocks, and interest burden. External vulnerabilities and still-low economic development are additional rating weaknesses. Ghana's track record of political stability, strong GDP growth, and favorable oil and gas
