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Fitch Follows S&P by Cutting Ghana Debt Rating Further Into Junk

  • Ratings company had already downgraded Ghana in January
  • Downgrade comes after S&P cut its assessment last week
Crowds of customers make their way through a food market in Accra, Republic of Ghana.

Crowds of customers make their way through a food market in Accra, Republic of Ghana.

Photographer: Nipah Denis/Bloomberg

Fitch Ratings cut Ghana’s longterm sovereign credit rating further into junk days after a similar decision by S&P Global Ratings.

Fitch downgraded Ghana by two notches to CCC, or eight levels below investment grade. The ratings company had lowered Ghana to B- in January, with a negative outlook.