NEW YORK, Dec 5 (Reuters) - Moody’s Investors Service on Thursday revised Ghana’s government bond outlook to negative from stable, citing the country’s weak fiscal position.
The rating agency also affirmed the government’s B1 issuer and bond ratings.
“The primary driver informing Moody’s decision to change Ghana’s rating outlook to negative is the government’s ongoing weak fiscal position, which has led to a steep deterioration in its debt and debt-servicing ratios, despite rapid economic growth,” Moody’s said in a statement.
Ghana produces gold, cocoa and oil and is considered one of Africa’s brightest economic prospects. But inflation and the government deficit remain stubbornly high, while debt levels are rising.
Standard & Poor’s and Fitch both rate the country B with a stable outlook.