Ghana received an upgrade from S&P Global Ratings on Saturday, moving from CCC+ to B- for both foreign and local currency sovereign debt following improvements in fiscal discipline and reserve accumulation. The rating agency pointed to enhanced balance of payments performance driven by gold and cocoa export gains, with foreign reserves climbing to nearly $11 billion from $6.8 billion within a year, while the cedi strengthened by approximately 35 percent against the dollar.
The assessment credited reforms implemented under the National Democratic Congress administration, which secured a parliamentary majority during the December 2024 voting, including new fiscal rules targeting a 1.5 percent primary surplus and long-term debt limits. S&P projected economic expansion reaching 6 percent during 2025, supported by mining, agriculture and services sectors, while forecasting inflation below 10 percent next year after dropping to 8 percent during October.
The agency noted remaining challenges from incomplete debt restructuring involving $5 billion in official and commercial obligations, warning that stalled reforms or commodity price declines could reverse progress despite the stable outlook.
The assessment credited reforms implemented under the National Democratic Congress administration, which secured a parliamentary majority during the December 2024 voting, including new fiscal rules targeting a 1.5 percent primary surplus and long-term debt limits. S&P projected economic expansion reaching 6 percent during 2025, supported by mining, agriculture and services sectors, while forecasting inflation below 10 percent next year after dropping to 8 percent during October.
The agency noted remaining challenges from incomplete debt restructuring involving $5 billion in official and commercial obligations, warning that stalled reforms or commodity price declines could reverse progress despite the stable outlook.
