S&P Global Ratings Upgrades Ghana's Credit Rating to CCC+

Accra, Ghana - 10 May, 2025 - S&P Global Ratings has upgraded Ghana's foreign currency issuer credit rating from 'SD' (Selective Default) to 'CCC+', citing the country's progress in debt restructuring efforts and improved macroeconomic outlook.

The rating agency's decision follows the successful conclusion of key phases of Ghana's domestic debt exchange program and ongoing negotiations with external creditors.

“We affirmed our ‘CCC+’ issue ratings on Ghana’s debt. We also affirmed our ‘CCC+/C’ long- and short-term local currency ratings on Ghana. The outlook on both the foreign and local currency ratings is stable. Ghana’s transferability and convertibility assessment remains ‘CCC+'”, the rating agaency stated.

The upgrade is supported by strengthening external indicators, including a significant rise in gold export earnings and steady accumulation of foreign exchange reserves. This development signals improved external liquidity and enhanced capacity to meet near-term external obligations as the restructuring of outstanding commercial debt nears completion.

The revised 'CCC+' rating more accurately reflects Ghana's improving creditworthiness after successful Eurobond exchange in October 2024 and ratified memorandum of understanding with bilateral creditors signed on January 29, 2025.

However, S&P Global Ratings warns that Ghana's credit rating could face downward pressure if fiscal performance deteriorates or financing conditions tighten, potentially increasing debt servicing costs and constraining the government's ability to refinance upcoming debt maturities.

Finance Minister Dr. Cassiel Ato Forson attributes the progress to robust fiscal planning and targeted policy actions aimed at restoring macroeconomic confidence. Ghana's inflation rate has dropped to its lowest level in eight months, currently standing at 21.2%, and the local currency, the cedi, has shown resilience, trading around GH¢14 after crossing the GH¢17 mark in 2023.

Source: Lead News Online