ACCRA, May 9 (Xinhua) -- The credit rating agency Fitch Ratings has upgraded Ghana's long-term foreign-currency issuer default rating to "B," up from "B-," according to a release on Friday.
The rating also upgraded the country's outlook to positive, from stable, reflecting the expectation of continued fiscal prudence underpinned by improved public financial management.
"The upgrade reflects a sharp fall in public debt-to-GDP, supported by robust real GDP growth, substantial fiscal consolidation efforts and currency appreciation, and a marked increase in international reserves that lowers external liquidity risks," said the agency.
It said the outlook is also strengthened by a further normalization of macroeconomic conditions, evidenced by an expected decline in average inflation and continued buildup of external buffers. ■