Standard
and Poor’s (S&P), today announced that it has downgraded Ghana’s
long term currency credit rating from ‘B’ to B-, a move that has moved
the Ghanaian cedi dangerously within ‘junk’ status.
S&P’s, which is one of the largest credit agencies in the world, made the assessment arguing that despite successful billion dollar loans issued to Ghana by international creditors, the Ghanaian economy was in a precarious situation considering staggering current account deficits.
Ghana’s economy has experienced a significant slow down, a situation it has attributed to volatile market prices for key commodities like cocoa and gold.
The country is currently in talks with the IMF to secure an emergency loan which Ghana hopes will help bolster the Ghanaian cedi long enough till Ghana ramps up oil production next year.
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