Standard and Poor's Global has affirmed Ghana's credit ratings at 'B-/B' for long- and short-term foreign currency and local currency. The ratings agency also revised the country's credit outlook to stable. This rating indicates a non-investment grade, signifying high credit risk and vulnerability to default. According to S&P, Ghana's economy is proving resilient to external shocks, including the war in the Middle East.
The credit rating affirmation is attributed to the expansion of Ghana's gold sector, which is benefiting the country's external metrics. S&P's country report, released on September 25, 2025, highlights the economy's resilience and ongoing fiscal reforms. These reforms are anchored by a new 36-month, unfunded policy coordination instrument from the International Monetary Fund. The report also notes that the gold sector's growth is contributing to Ghana's economic stability.
However, S&P expressed concerns about the weakened financial position of the Bank of Ghana (BoG). The central bank's financial position has been strained due to the government's focus on accumulating foreign currency reserves through gold exports. This requires significant recapitalization, according to S&P. The agency also noted that the fiscal costs of the Ghana Gold Board (GoldBod) are likely to remain elevated.
S&P warned that Ghana's ratings could be lowered over the next 12-18 months if the government's ability to refinance maturing debt is strained. This could occur due to rising deficits, worsening performance at the BoG or state-owned entities, or materially higher-than-forecast public debt or debt service costs. The agency also cautioned that a deterioration in terms of trade or export volumes could lead to a downgrade.
In November 2025, S&P upgraded Ghana's sovereign credit rating from CCC+/C to B-/B, citing stronger export performance, rising foreign reserves, and improved fiscal discipline. This upgrade marked a significant step in Ghana's recovery from the 2022 debt crisis, which forced a suspension of Eurobond payments worth $13.1 billion. The upgrade reflected Ghana's progress in addressing its economic challenges.
S&P also noted that Ghana's ratings could be affected by the debt restructuring process. If creditors disagree on comparability-of-treatment principles and the terms they receive under the G20 Common Framework restructuring process, the rating could be lowered. However, this is not part of S&P's base case, and the agency is monitoring the situation closely.
The affirmation of Ghana's credit ratings at 'B-/B' with a stable outlook reflects the country's progress in stabilizing its economy. However, S&P's warnings highlight the ongoing challenges that Ghana faces, including high credit risk and vulnerability to external shocks. The country's ability to implement fiscal reforms and manage its debt will be crucial in maintaining its credit ratings.
Key points
- S&P affirms Ghana's credit ratings at 'B-/B' with a stable outlook.
- The rating affirmation is attributed to Ghana's resilient economy and gold sector expansion.
- S&P warns that Ghana's ratings could be lowered if the government's ability to refinance maturing debt is strained.
