{"id":318688,"date":"2017-05-12T16:13:36","date_gmt":"2017-05-12T16:13:36","guid":{"rendered":"http:\/\/citifmonline.com\/?p=318688"},"modified":"2017-05-12T16:13:36","modified_gmt":"2017-05-12T16:13:36","slug":"fitch-upgrades-ghana-outlook-to-stable","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2017\/05\/fitch-upgrades-ghana-outlook-to-stable\/","title":{"rendered":"Fitch upgrades Ghana outlook to stable"},"content":{"rendered":"
Fitch ratings agency upgraded Ghana’s outlook to stable on Friday and said the government was making progress in stabilizing the economy after a period of crisis.<\/p>\n
The agency kept its ‘B’ rating on the gold, oil and cocoa producer, but said it expected a revival of GDP growth and a decline in inflation and the budget deficit.<\/p>\n
Ghana was seen as having one of Africa’s most dynamic economies until it was hit by fall in oil prices and a fiscal crisis caused by government spending on civil service wages in 2014.<\/p>\n
It is now following a $918-million International Monetary Fund programme to restore fiscal balance.<\/p>\n
The government of President Nana Akufo-Addo, which took power in January promising to rebuild finances, called the rating a vote of confidence in its turnaround strategy.<\/p>\n
“We have sought to bring clarity into what we are doing and we have taken steps with more transparency. This has been the anchor of our policy,” a senior government official told Reuters.<\/p>\n
The government had said it found a hole in the budget and a bigger-than-expected deficit when it took over after winning elections in January.<\/p>\n
–<\/p>\n
Credit:\u00a0 Reuters<\/p>\n","protected":false},"excerpt":{"rendered":"
Fitch ratings agency upgraded Ghana’s outlook to stable on Friday and said the government was making progress in stabilizing the economy after a period of crisis. The agency kept its ‘B’ rating on the gold, oil and cocoa producer, but said it expected a revival of GDP growth and a decline in inflation and the […]<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[32,171],"tags":[],"yoast_head":"\n