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

Ghana’s credit ratings have seen another downgrade.

The latest downgrade by FitchRatings saw Ghana’s long-term local and foreign-currency issuer default ratings (IDRs) drop to ‘CC’, from ‘CCC’.

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.

There was no outlook for this rating since Fitch does not typically assign outlooks to ratings of ‘CCC+’ or below.