Fitch affirmed Ghana’s rating at RD. In February, the agency downgraded Ghana’s rating to RD from C due to a missed Eurobond coupon payment. However, the country has made progress with restructuring its external debt under the G20 Common Framework. The IMF has approved a USD 3 bln three-year ECF, and Fitch expects an agreement with authorities by end-2023 and treatment of private creditors’ claims on comparable terms by mid-2024.