ACCRA, March 22 (Reuters) - Ratings agency Fitch on
Wednesday upgraded Ghana's long-term local-currency issuer
default rating to 'CCC' from 'restricted default'.
Ghana suspended payments on most of its external debt last
year, effectively defaulting, and still needs to negotiate a
resolution with its private international bondholders and
bilateral creditors.
The West African country has already restructured its
domestic debt, which will lower Ghana's interest payments by 10%
of the government's expected revenues or 1.6% of GDP in 2023,
and 6% of revenues or 0.9% of GDP in 2024, Fitch said.
Despite this immediate relief, the restructuring has
increased Ghana's debt-to-GDP ratio by 0.6 percentage points and
the ratio is still above 100% after the process, it said.
(Reporting by Rachel Savage and Anait Miridzhanian; Editing by
James Macharia Chege)
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