Ghana falls into 'selective default'
Rating agency Standard & Poor's downgraded Ghana's rating from 'CC' to 'selective default'. The strong inflation of 40% combined with a currency in fall of 50% and foreign exchange reserves at their lowest level make fear the worst for a major exporting country of cocoa, gold and hydrocarbons. S&P's decision was taken on December 20, the day after Accra announced the suspension of repayment of its Eurobonds, commercial and bilateral debts. The measure does not concern multilateral debts and those contracted after December 19, 2022.