Ghana’s downgrade follows a deeper fall in international oil prices early 2016. Moreover, as gold prices are not projected to rebound this year, the country’s export earnings will be very much exposed. Foreign exchange reserves dropped by about 30% over the past year while external financing needs remain huge. Accordingly, roll-over risks are significant with large short-term debts maturing in 2016. When taking the less hospitable global financial environment into account, financing shortages become more probable and might incite the country to impose foreign exchange restrictions as it did (very briefly) in February 2014.