The government has expressed disappointment with the downgrade of Ghana’s foreign and local currency from ‘B-/B’ To ‘CCC+/C’ with a negative outlook by S&P Global Ratings (previously Standard & Poor's and informally known as S&P). The credit ratings agency said the negative outlook reflects "Ghana’s limited commercial financing options, and constrained external and fiscal buffers.” The S&P downgrade means currently the country is vulnerable to nonpayment and dependent on favourable business, financial and economic conditions. S&P also indicated that the COVID-19 pandemic and the Russia-Ukraine have impacted Ghana’s fiscal and external imbalances. Demand for foreign currency has been driven higher by several factors, including nonresident outflows from domestic government bond markets, dividend payments to foreign investors and higher costs for refined petroleum products,” it said. S&P also added that Ghana’s inability to access Eurobond markets has af...