Ghana’s Extended Credit Facility (ECF)

Rating agency, S&P Global has indicated to raise Ghana’s long-term local currency over the next 12 months following a track record of successful execution under the Ghana’s Extended Credit Facility (ECF). In its upside assessment of the outlook of the Ghanaian economy, it said it could raise Ghana’s rating if there is a more pronounced economic recovery, and a strengthening of balance-of-payments performance that supports stronger fiscal and external outcomes, taking pressure off the government’s financing needs and improving debt sustainability. On the downside risk, S&P said it could lower the local currency rating over the next 12 months if…