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Bond Market News
Ghana Upgraded to B- by S&P
November 10, 2025
Ghana was upgraded by a notch to B- from CCC+ by S&P. The upgrade reflects Ghana’s gradually strengthening balance of payments and fiscal positions, supported by higher gold and cocoa export volumes and favorable prices, which have bolstered its currency and foreign reserves. Growth has accelerated, with GDP expected to rise 6% in 2025, driven by a broad-based recovery, improved investor confidence, and a more stable macroeconomic environment. Inflation has fallen sharply to 8% and is projected to stay below 10% in 2026. Following its 2022 default, Ghana has made major progress in restructuring its debt, completing a $13.1bn debt restructuring in 2024 and finalizing most of the remaining debt negotiations. However, some disputes with creditors, including Afreximbank and holders of Saderea commercial notes, could delay full resolution, S&P said. The new government elected in December 2024 is enacting policies to safeguard against fiscal slippages, which were frequent in the past. This includes a mandated 1.5% of GDP primary surplus and targeting debt reduction to 45% of GDP by 2034. These reforms are supported by an ongoing $3bn IMF program and new oversight mechanisms, including an independent fiscal council. According to S&P, Ghana’s external balances have improved sharply and its debt service costs have fallen markedly, with interest payments projected to average 20% of revenue, down from nearly 48% in 2021.
Ghana’s dollar bonds traded stable with its 5% 2035s at 85.2, yielding 8.4%.
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