Ghana has been rated B+ by the International rating agency, Fitch Ratings, which cited the country’s robust economic performance and strong growth outlook.
A statement issued by Fitch Ratings, London, on September 21, 2012 also acknowledged Ghana’s good governance record and favourable business environment as factors underpinning the country’s B+ rating. The international agency “affirmed Ghana’s long-term foreign and local currency Issuer Default Ratings (IDR) at B+ with a stable outlook and short-term foreign currency IDR at B. The agency has also affirmed the country ceiling at B+”.
Ghana’s ability to maintain its rating at a ceiling of B+ attested to good governance and demonstrated its capacity to repay external and domestic debt liabilities, thereby giving confidence to investors accessing sovereign debt opportunities in Ghana.
Fitch Ratings, which forecast Ghana’s growth at an average of 8.6 per cent over the next three years, projected the country’s growth to be boosted by rising oil production and its positive spillover effects on the economy, as well as infrastructure spending.
Over the past three years, the government has committed itself to significant infrastructural investment in the roads and transport, agricultural, energy, oil and gas sectors, among others. The oil and gas sector has been identified by Fitch Rating as a major growth pole which will provide diversification of economic activities.
Oil production is forecast to rise to 120,000 barrels per day (b/d) in 2013 and is expected to increase further to 600,000 b/d by 2018, according to the Ghana National Petroleum Company (GNPC). The monetisation of Ghana’s gas, which is expected to begin in 2013, will lower the cost of power and improve competitiveness. Oil and gas revenues will also support the country’s public and external balance sheets over the medium term.