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Bond Market News
Ghana Upgraded to B- by Fitch as Debt Metrics Improve
June 17, 2025
Ghana’s was upgraded by four notches to B- from Restricted Default (RD) by Fitch, citing significant progress on debt restructuring and improving macroeconomic indicators. As per Fitch’s assessment, Ghana has normalised relations with a significant majority of external commercial creditors and restructured $13.1bn in offshore bonds in October 2024. Ghana ratified the MoU on the restructuring of its bilateral official debt in January 2025, covering $5.1bn.
Ghana’s Debt-to-GDP ratio has also fallen to 55% as of March 2025, fulfilling the IMF’s $3bn debt requirement three years ahead of schedule. Fitch forecasts a primary surplus of 0.5% of GDP in 2025 vs. a deficit of 3.9% of GDP in 2024. Inflation is expected to average at 15% for 2025 and 10% for 2026, down from 23% in 2024.
Ghana’s 5% 2029s were slightly higher at 91.98, yielding 9.13%.
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