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Ghana Upgraded to CCC+ by S&P
May 13, 2025
Ghana was upgraded to CCC+ from SD by S&P. The upgrade reflects authorities’ recent steps to restructure remaining commercial debt, following its successful Eurobond exchange in October 2024 . The restructuring process is progressing smoothly, supported by the G20 Common Framework with a memorandum of understanding signed with bilateral creditors in January 2025. According to S&P, Ghana’s external metrics are improving, driven by rising gold exports and the replenishment of foreign exchange reserves, while economic growth remains resilient. The new government, led by John Mahama remains committed to an IMF program that runs until 2026, with reforms including expenditure cuts, formalization of gold mining and improving fiscal management. Ghana’s debt reduction is expected to continue, with public debt forecasted to fall to 47.4% of GDP by 2028, as per S&P. However, the country faces constraints like low GDP per capita, weak public finances, and high external debt, which makes debt sustainability reliant on exchange rates and key export prices.
Ghana’s dollar bonds traded positive with its 5% 2029s up at 88.8, yielding 10.64%
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