Ratings agency Fitch has indicated that it will review Ghana’s credit ratings to a favorable position only if it sees more commitment on the part of government to check rising expenditure.

The agency earlier this year downgraded the country’s credit ratings to B with a negative outlook.

For many this should mean that private investors are being warned not to invest in government’s bonds because of fears it may have challenges in paying back on time.

This has led to interest paid on the country’s loans going up substantially.

According to the 2016 budget, government is hoping to set aside some 10 billion cedis to pay interest on loans. 

During a teleconference on Sub-Saharan Africa after the commodity boom, Director at Fitch, Camen Altenkrich, said a lot more needs to done before any action can be taken on Ghana.

Investors around the world also participated in the teleconference attended by Joy Business.

In a related development, another Director at Fitch, Jermaine Leonard, has indicated that it might not be proper for Ghana and other countries in the sub-region to go ahead and issue another Eurobond next year.

According to Mr.  Leonard, Ghana is likely to pay high interest on the bonds due current market dynamics.

Prices of commodities have hit record lows.

Finance Minister Seth Tekper has indicated that, government is planning to issue another Eurobond possibly by next year to raise some 750 million dollars.