S&P Global Ratings has raised Ghana’s foreign currency issuer credit rating from ‘SD’ (Selective Default) to ‘CCC+.
The upgrade is as a result of Ghana’s progress in the debt restructuring efforts and improved macroeconomic outlook.
The rating agency announced the move following the successful conclusion of key phases of the country’s domestic debt exchange programme and continued 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 agency stated in its May 9, 2025 assessment sighted by Citi Business News.
The upgraded credit rating is underpinned by strengthening external indicators, notably a marked rise in gold export earnings and the steady re-accumulation of foreign exchange reserves.
It signals improved external liquidity and enhanced capacity to meet near-term external obligation as the restructuring of outstanding commercial debt also nears completion.
Following the successful Eurobond exchange in October 2024, the revised ‘CCC+’ rating more accurately captures Ghana’s improving creditworthiness.
This marks a critical step forward after the successful completion of both local currency and Eurobond restructurings, as well as the ratified memorandum of understanding with bilateral creditors signed on January 29, 2025.
Credit: CNR
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