Fitch Ratings has downgraded Ghana's Long-term foreign and local currency IDRs and its senior unsecured ratings to 'B' from 'B+'. The Outlook is Stable. The Country Ceiling has also been downgraded to 'B' from 'B+'. The agency has affirmed the Short-term foreign currency IDR at 'B.'
Ghana's total public debt, at the end of December 2012, stood at $18,832.77 million, equivalent to 49.4% of Gross Domestic Product (GDP), up from $15,350.08 million, representing 40.8% at the end of 2011.
The Bank of Ghana (BoG) has hinted it may later consider introducing Islamic Banking in Ghana if the prospects are positive.
The rate-setting committee of the Bank of Ghana said on Wednesday it held its prime interest rate unchanged at 15 percent, marking its third consecutive decision to hold the rate steady since June.
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