From The Financial Times

Ghana’s credit rating has been downgraded deeper into “junk” territory by Standard & Poor’s on concerns that access to financing will continue to be a struggle even if it enters an International Monetary Fund program.

S&P highlighted that despite a successful international bond issue earlier this autumn, the country has gross external financing needs of 137 per cent of current account receipts and reserves next year, and therefore relegated Ghana one notch to B-, six levels below investment grade today.

The government is currently talking to the IMF about an economic reform and bailout package, and the rating agency said it had a stable outlook on Ghana’s rating on the assumption that it would strike a deal that could tide it over until new oil and gas production comes on line.

Read more at The Financial Times