S&P Global Ratings has maintained Ghana's long- and short-term foreign- and local-currency sovereign ratings at B-/B, with a stable outlook. This decision reflects the country's improved credit standing, but also highlights the ongoing material fiscal and external risks. The rating level was achieved after S&P upgraded Ghana's sovereign rating from CCC+/C in November 2025, citing stronger export receipts, reserve accumulation, and improved fiscal management following the 2022 debt crisis.
Ghana's Minister for Finance, Dr. Cassiel Ato Forson, has been working to address the country's fiscal challenges. The latest review by S&P does not represent another upgrade, but rather an assessment of whether the gains achieved over the past year are durable enough to support Ghana's credit profile. S&P's assessment points to a more resilient external position, supported heavily by gold exports, alongside continued fiscal reforms under Ghana's new 36-month Policy Coordination Instrument with the International Monetary Fund.
Gold exports have played a crucial role in Ghana's stronger external position. Higher export earnings and efforts to formalize domestic gold trading have strengthened foreign-exchange inflows and helped rebuild reserves, giving the economy a larger buffer against external shocks. This improvement matters for sovereign creditworthiness, as stronger reserves reduce immediate external financing pressure and give policymakers more room to manage foreign-currency obligations.
Despite the positive developments, S&P identifies the financial position of the Bank of Ghana and the fiscal costs associated with the Ghana Gold Board as areas requiring continued attention. The central bank's balance sheet has been weakened by costs connected to reserve accumulation and earlier gold-purchase operations. The transfer of more responsibility to GoldBod shifts part of the risk toward the fiscal accounts, introducing a second policy problem.
Debt service remains a significant constraint for Ghana. The country's public debt rose to GH¢733.9 billion in July 2026, equivalent to 45.9 percent of GDP. S&P's emphasis on debt-service costs means that the affordability of financing will matter as much as the headline debt ratio. A lower debt ratio offers limited comfort if refinancing costs rise sharply or fiscal slippage forces the state to borrow more aggressively.
The stable outlook reflects a balance between stronger external buffers and continuing vulnerabilities. S&P has indicated that pressure could emerge if fiscal deficits widen, debt or debt-service costs rise materially, refinancing becomes more difficult, or external conditions weaken through lower export volumes or adverse commodity-price movements. The next ratings improvement will depend on whether the recovery can survive normal fiscal and political pressures.
For Ghana to achieve a ratings upgrade, it must convert stronger exports and reserves into a more durable sovereign balance sheet. This requires containing debt-service costs, limiting contingent liabilities, restoring the central bank's financial position, and ensuring GoldBod's growing role does not create new fiscal exposures. Ghana has moved significantly away from the conditions that produced the 2022 default, but stabilisation and full restoration of sovereign credit strength are different stages of recovery.
Key points
- S&P Global Ratings affirms Ghana's sovereign ratings at B-/B, citing a stable outlook and persistent fiscal risks.
- Gold exports have supported Ghana's stronger external position, but debt service remains a significant constraint.
- The next ratings improvement will depend on Ghana's ability to sustain fiscal discipline and external resilience.
