Fitch downgrades Ghana's outlook from Stable to Negative
International Economic rating firm Fitch has downgraded Ghana's Long-Term Foreign-Currency Issuer Default Rating to Negative from stable. Fitch has affirmed the IDR at 'B'. According to the latest Fitch report, the negative rating reflects the significant deterioration in public finances as a result of the Covid-19 pandemic and the delays by government to roll out its fiscal consolidation efforts. The 'B' rating reflects the high public debt level and low revenue base, which means that Ghana's debt affordability metrics will remain markedly weaker than rating peers over the rating horizon.