Fitch downgrades Ghana again; moves country from ‘CCC’ to ‘CC’

This comes almost a month after the country suffered a hit when its credit rating was downgraded by Fitch Ratings from B- to CCC in August 2022.

Ghana has an ESG Relevance Score of ‘5’ for Creditor Rights, as willingness to service and repay debt is relevant to the rating and is a rating driver for Ghana, as for all sovereigns Ghana’s restructuring of public debt in 2006 has a negative impact on the credit profile.

International scale credit ratings of Sovereigns, Public Finance and Infrastructure issuers have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of three notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of three notches over three years

Ghana has an ESG Relevance Score of ‘5[+]’ for Political Stability and Rights as WBGIs have the highest weight in Fitch’s SRM and are therefore highly relevant to the rating and a key rating driver with a high weight

Ghana has an ESG Relevance Score of ‘5[+]’ for Rule of Law, Institutional & Regulatory Quality and Control of Corruption, as WBGIs have the highest weight in Fitch’s SRM and are therefore highly relevant to the rating and are a key rating driver with a high weight

Ghana has an ESG Relevance Score of ‘5’ for Creditor Rights, as willingness to service and repay debt is relevant to the rating and is a rating driver for Ghana, as for all sovereigns

Ghana has an ESG Relevance Score of ‘4[+]’for Human Rights and Political Freedoms, as the Voice and Accountability pillar of the WBGIs is relevant to the rating and a rating driver