Fitch is predicting “fiscal slippage” ahead of November 3 elections.

In addition, Fitch said a further decline in commodity prices would negatively impact growth and exacerbate Ghana’s twin deficits.

“Fiscal slippage ahead of the November elections would increase inflationary and financing pressures.” “

“A further decline in commodity prices would negatively impact growth and exacerbate Ghana's twin deficits.”

On Ghana’s budget deficit, Fitch said a target by the finance ministry to narrow it to 5.3% of GDP will be “smaller” and forecasts a 2016 fiscal deficit of 6.3%.

Fitch however hailed Ghana’s efforts at reducing fiscal deficit to an estimated 7.2% of GDP, from 10.2% in 2014.

Fitch maintained Ghana's crediting ratings at 'B' with negative outlook.

Fitch also affirmed the issue ratings on Ghana's senior unsecured foreign and local currency bonds at 'B', as well as the 'BB-' rating on Ghana's USD1bn partially guaranteed note.

The ratings were fuelled by Ghana's fiscal and external deficits which Fitch says leaves "the country vulnerable to domestic and external shocks, including low oil prices and tight financing conditions."