Fitch Sees Uneasy Ghana-IMF Union as Nigeria Faces Oil Drop
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Nigeria will try to keep the naira stable before an election, using its foreign-currency reserves amid falling oil prices, while Ghana may have to wait for an International Monetary Fund bailout, Fitch Ratings Ltd. said.
“The Ghanaians will have to do more than what they think is necessary and it’s not going to be easy,” Richard Fox, London-based head of Middle East and Africa sovereign ratings, said in an interview in Johannesburg on Oct. 22. “When the oil price falls, there is negative pressure on the naira and we have started seeing that.”