S&P lowers Ghana’s ratings from B+ to B
By Emmanuel K. Dogbevi, GBN
Standard & Poor’s has lowered Ghana’s credit ratings from B+ to B citing lack of clarity in the country’s oil sector, the management of government’s oil revenues as well as the large fiscal deficit.
The new rating however, has a stable outlook.
“The lowering of the ratings on Ghana reflects our view of the cumulative effect of a large and erratic fiscal deficit, substantial supplier arrears, high debt levels, loss-making state-owned enterprises, and problems in the banking sector,” an analyst, Ravi Bhatia had said.
The new rating places Ghana at par with Kenya, Sri Lanka and Bolivia.
According to Bhatia, Ghana’s medium-term fiscal deficit target of 2.1% in 2011 and 1.6% in 2012 is......
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