Ghana has been going through a rough patch due to worsening public finances, power shortages and gradually deteriorating terms of trade since international commodity prices started tumbling down. Over the past year, foreign exchange reserves dropped by 30% (below the threshold of 3 months of import cover), tapped for covering high external financing needs. The worsening liquidity position combined with a significant roll-over risk as a result of large short-term debt maturities, incited Credendo Group to downgrade Ghana’s short-term political risk classification from category 4 to 5.