Interest payments to average a high 20% of government revenue over next 4 years

According to the US-based firm, the reduction is underpinned by the effects of debt restructuring, the cedi's exchange rate appreciation in 2025 and lower local currency financing costs, as inflation and local interest rates fell to multiyear lows.

Inflation averaged 31% a year over 2022-2024, partly because the Bank of Ghana provided direct financing to the government in the lead up to, and during, the debt crisis.

S&P said the cost of rolling over Ghana's local currency debt has substantially reduced.