• Latest
  • Trending
OSP removes Ken Ofori-Atta from wanted list

Fitch downgrades Ghana’s credit rating from B- to CCC

August 10, 2022
KIC and the Mastercard Foundation train and equip female agripreneurs in beekeeping

KIC and the Mastercard Foundation train and equip female agripreneurs in beekeeping

July 24, 2025
KIC and Agro KiniSols hatch hope for rural farmers through guinea keet innovation

KIC and Agro KiniSols hatch hope for rural farmers through guinea keet innovation

July 24, 2025
Black Sherif Lights Up Accra as Coca-Cola Brings Back ‘Share a Coke’ with Epic Concert Experience

Black Sherif Lights Up Accra as Coca-Cola Brings Back ‘Share a Coke’ with Epic Concert Experience

July 24, 2025
Indonesia arrests 2 foreigners for smuggling cocaine to Bali

Indonesia arrests 2 foreigners for smuggling cocaine to Bali

July 24, 2025
48 killed in Russian passenger plane crash, official says

48 killed in Russian passenger plane crash, official says

July 24, 2025
You will be held liable if you validate ghost names for payment – Finance Minister warns CEO’s of State agencies

You will be held liable if you validate ghost names for payment – Finance Minister warns CEO’s of State agencies

July 24, 2025
Cut prices or miss out on road contracts- Road Minister to cement suppliers

Cut prices or miss out on road contracts- Road Minister to cement suppliers

July 24, 2025
Energy Ministry denies Aviation fuel shortage

Energy Ministry denies Aviation fuel shortage

July 24, 2025
Minority petitions President Mahama and Diplomatic Corps over Ablekuma North Electoral Violence

Minority petitions President Mahama and diplomatic corps over Ablekuma North electoral violence

July 24, 2025
"The NDC has done nothing" - Stephen Amoah, MP- Nhyiaeso

“The NDC has done nothing” – Stephen Amoah, MP – Nhyiaeso

July 24, 2025
GFA, Premier League Clubs chart path for enhanced 2025/26 Season

GFA, Premier League Clubs chart path for enhanced 2025/26 Season

July 24, 2025
WAFCON: Black Queen coach Kim Lars targets bronze medal ahead of South Africa showdown

WAFCON 2024: Black Queen coach Kim Lars targets bronze medal ahead of South Africa showdown

July 24, 2025
Happy Ghana
Advertisement
No Result
View All Result
  • Home
  • News
  • Sports
    • International Sports
    • Afcon2017
    • Afcon2019
    • Corporate Knockout
    • U17 World Cup
    • World Cup 2018
  • Entertainment
  • Business
  • Bizarre
  • Feature
  • More
    • Technology
    • Opinion
    • Lifestyle
  • Listen Live
  • Home
  • News
  • Sports
    • International Sports
    • Afcon2017
    • Afcon2019
    • Corporate Knockout
    • U17 World Cup
    • World Cup 2018
  • Entertainment
  • Business
  • Bizarre
  • Feature
  • More
    • Technology
    • Opinion
    • Lifestyle
  • Listen Live
No Result
View All Result
Happy Ghana
No Result
View All Result
Home Sports

Fitch downgrades Ghana’s credit rating from B- to CCC

in Sports
OSP removes Ken Ofori-Atta from wanted list

OSP removes Ken Ofori-Atta from wanted list

Share on FacebookShare on TwitterShare on Whatsapp

Ghana’s economy has seen another downgrade, this time from rating agency Fitch. In a release on Monday, Fitch Ratings downgraded Ghana’s Long-Term Foreign-Currency (LTFC) Issuer Default Rating (IDR) to ‘CCC’ from ‘B-‘.

The latest downgrade did not, however, come with an outlook as Fitch typically does not assign outlooks to sovereigns with a rating of ‘CCC+’ or below.

The downgrade comes days after S&P Global Ratings on Friday pushed Ghana’s debt further into speculative territory, lowering its foreign and local currency sovereign ratings to CCC+/C from B-/B.

S&P said its outlook for the country is negative, “reflecting Ghana’s limited commercial financing options, and constrained external and fiscal buffers.”

The Covid-19 pandemic and the conflict in Russia have magnified Ghana’s fiscal and external imbalances, S&P said.

Below are the Key Rating Drivers by FITCH

Increasing Possibility of Debt Restructuring: The downgrade reflects the deterioration of Ghana’s public finances, which has contributed to a prolonged lack of access to Eurobond markets, in turn leading to a significant decline in external liquidity. In the absence of new external financing sources, international reserves will fall close to two months of current external payments (debits in the current account) by the end of 2022.

The government has requested support from the IMF, which is likely to lead to additional financing from the IMF and other multilateral lenders. However, the government’s high-interest costs and structurally low revenue as a percentage of GDP have increased the likelihood that IMF support would necessitate some form of debt treatment, although this is not our main scenario. The high-interest burden on local-currency debt also means that the inclusion of a domestic debt treatment cannot be ruled out.

IMF Programme Pending: In July 2022, the authorities reversed a long-standing position against seeking IMF support. Fitch believes that a deal with the IMF is likely within the next six months. We estimate that a programme could disburse as much as USD3 billion and unlock budget support from other multilateral lenders. However, the timing of such a deal is uncertain and would be dependent on the government’s ability to present a credible fiscal reform plan in line with increasing government revenue and improving debt affordability metrics. The most recent IMF debt sustainability analysis, conducted in 2021, found Ghana at a high risk of debt distress and vulnerable to shocks from market access and high debt servicing costs.

Tight External Debt Servicing Schedule: Fitch estimates that Ghana faces USD2.75 billion of external debt servicing in 2022, including amortisation and interest, and USD2.8 billion in 2023. Access to external financing will remain tight, as Ghana is likely to remain locked out of Eurobond markets, which had come to be a regular source of external financing for the government.

Subscribe to receive notification everytime a new post is published. We promise to be discrete.

Unsubscribe
Previous Post

Where Are They? : My daughter is the reason I went into coaching – Charles Sampson

Next Post

FIFA U20 Women’s WC: Ghana lose to USA in group D opener

Next Post
FIFA U20 Women’s WC: Ghana lose  to USA in group D opener

FIFA U20 Women's WC: Ghana lose to USA in group D opener

Search

No Result
View All Result

Listen Live

BBC Match of the Day Africa

Happy Ghana

Recent News

  • KIC and the Mastercard Foundation train and equip female agripreneurs in beekeeping
  • KIC and Agro KiniSols hatch hope for rural farmers through guinea keet innovation
  • Black Sherif Lights Up Accra as Coca-Cola Brings Back ‘Share a Coke’ with Epic Concert Experience
  • About
  • advertise
  • Privacy Policy
  • Contact Us

© 2025 Happy FM – Powered by Ghana’s leading radio network. Designed with passion by Global Media Alliance.

No Result
View All Result
  • Home
  • News
  • Sports
    • International Sports
    • Afcon2017
    • Afcon2019
    • Corporate Knockout
    • U17 World Cup
    • World Cup 2018
  • Entertainment
  • Business
  • Bizarre
  • Feature
  • More
    • Technology
    • Opinion
    • Lifestyle
  • Listen Live

© 2025 Happy FM – Powered by Ghana’s leading radio network. Designed with passion by Global Media Alliance.