Ratings agency Standard & Poor’s (S&P) has cautioned that Ghana’s economy remains vulnerable to external shocks despite showing signs of stability in recent months. In our view, notwithstanding stronger recent economic outturns, Ghana’s economy remains exposed to risks from commodity price fluctuations and broader external and weather-related shocks,” the agency noted in its latest report on Ghana. The report follows S&P’s decision to upgrade Ghana’s sovereign credit rating to B-/B with a stable outlook, citing improved fiscal performance and a better balance of payments position. S&P, however, warned that the durability of Ghana’s fiscal reforms remains untested. We are worried, especially during future election cycles, which in the past have coincided with large increases in public spending in Ghana,” the agency said. It highlighted the country’s recurrent weak fiscal performance, particularly around elections, “when public spending was frequently in...