S&P affirms Ghana’s “B-/B” credit ratings with stable outlook

Background In November 2025, S&P upgraded Ghana’s sovereign credit rating from CCC+/C to B-/B, citing stronger export performance, rising foreign reserves, and improved fiscal discipline nearly three years after the country defaulted on its international debt.

Ghana’s ratings in 12 to 18 months The ratings agency, however, warned it could lower Ghana’s ratings over the next 12-18 months “if the government's ability to refinance maturing debt as it comes due was strained by: Rising deficits due to fiscal slippage or worsening performance at the Bank of Ghana or SOEs such as GoldBod; or Materially higher-than-forecast public debt or debt service costs.

Reasons According to its country report on Ghana released on September 25 2025, the rating was due to how the expansion of gold sector is benefiting Ghana’s external metrics, while the economy is proving to be relatively resilient to the economic effects of the war in the Middle East.