S&P Upgrades Ghana’s Credit Rating to CCC+ on Economic Reform Progress
Ghana has received a credit rating upgrade from Standard & Poor’s (S&P), moving from CCC- to CCC+, reflecting the country’s significant strides in economic reform, improved fiscal discipline, and progress in debt restructuring under the IMF-backed programme.
Global credit ratings agency Standard & Poor’s (S&P) has upgraded Ghana’s long-term sovereign credit rating to CCC+, up from CCC-, in recognition of the West African nation’s notable progress in implementing economic reforms, restoring macroeconomic stability, and advancing debt restructuring talks with international creditors.
In a statement released Friday, S&P cited “improved fiscal consolidation efforts, commitment to structural reforms, and increased external financing support” as key factors influencing the upgrade. The move signals growing investor confidence in Ghana’s ongoing recovery strategy under its $3 billion International Monetary Fund (IMF) programme.
“Ghana’s government has demonstrated significant political will in stabilizing its economy, reducing fiscal deficits, and improving public debt management,” the S&P report said. “We anticipate continued momentum in structural reforms and further clarity on external debt treatment.”
The upgrade comes amid signs of a gradual rebound in Ghana’s economy, which was hit hard in 2022 by soaring inflation, currency depreciation, and unsustainable debt levels. Since entering into the IMF bailout agreement in 2023, Ghana has implemented wide-ranging reforms including a freeze on public sector hiring, removal of some subsidies, and enhanced revenue mobilization.
Finance Minister Mohammed Amin Adam welcomed the upgrade, calling it a “vote of confidence” in Ghana’s path to economic recovery. “This shows that our efforts are beginning to pay off. We remain committed to the IMF programme and to achieving long-term economic resilience for the people of Ghana,” he said at a press briefing in Accra.
Market analysts say the upgrade could boost investor sentiment and potentially open doors for future access to international capital markets, though S&P still classifies the country’s debt as speculative with continued risks.
The ratings agency maintained a “stable outlook,” suggesting Ghana is expected to maintain the gains made so far, provided there are no major policy reversals or external shocks.
The Ghanaian cedi has shown modest stability in recent months, and inflation—though still elevated—has begun to decline, further supporting the case for the improved rating.
As the government continues negotiations with external creditors on restructuring $13 billion in external debt, the rating boost may also improve its leverage in upcoming discussions.
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