BoG unaware of downgrading of economy

The Bank of Ghana says it is unaware of the possible downgrade of the Ghanaian economy by Fitch Ratings.

Bloomberg News reports that the Governor, Dr. Henry Wampah does not know of the downgrade by the ratings agency. “I have not heard anything to that effect,” Dr. Wampah said in a phone interview.

The Daily Graphic reported today that Fitch will lower the country’s rating to B from B+, citing sources close to the ratings company.

Fitch placed Ghana’s rating on a negative outlook in February, indicating a possible downsize.

It expressed concern that a widening budget deficit would increase the country’s debt load.

It is also unhappy with the country’s current account and balance of payment situation.