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Ghana's Credit Rating Upgraded Amid Economic Recovery

11/10/2025

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Summary

Story summary

S&P Global Ratings upgraded Ghana's credit rating from CCC+ to B- on November 7, 2025.
The upgrade signals Ghana's recovery from the 2022 debt crisis and notes 6.3% growth in early 2025.
A reform requires a primary budget surplus of 1.5% of GDP annually.
Debt-service costs and unresolved creditor disputes could hinder full debt restructuring.
The outlook remains stable, contingent on continued fiscal discipline and favorable commodity prices.

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Story summary

S&P Global Ratings upgraded Ghana's credit rating from CCC+ to B- on November 7, 2025.
The upgrade signals Ghana's recovery from the 2022 debt crisis and notes 6.3% growth in early 2025.
A reform requires a primary budget surplus of 1.5% of GDP annually.
Debt-service costs and unresolved creditor disputes could hinder full debt restructuring.
The outlook remains stable, contingent on continued fiscal discipline and favorable commodity prices.