Ghana’s sovereign credit rating has been upgraded by S&P Global Ratings from ‘Selective Default’ (SD) to ‘CCC+’, with a stable outlook, reflecting significant progress in the country’s debt restructuring efforts and improved macroeconomic indicators.

The upgrade follows Ghana’s successful restructuring of its Eurobond debt and ongoing negotiations with commercial creditors, as well as the formalisation of a debt restructuring agreement with official creditors in January 2025 .  

S&P highlighted that the upgrade reflects recent steps taken by authorities to restructure remaining commercial debt, following a successful Eurobond exchange in October 2024.

The government is nearing completion of its offers to restructure loans to external creditors, primarily commercial banks.

This progress follows the successful completion of local currency and Eurobond restructurings, and a memorandum of understanding with bilateral creditors signed and ratified on January 29, 2025 . 

The ratings agency also noted that Ghana’s external position has improved, supported by increased gold export receipts and a reaccumulation of foreign exchange reserves.

Economic growth remains resilient despite the protracted debt restructuring process, with inflation currently at 21.2% but falling due to cedi appreciation and lower energy prices. The shift of the country’s current account into surplus has resulted in increased external liquidity . 

While acknowledging the progress made, S&P cautioned that Ghana continues to face challenges, including a high debt service burden, weak tax administration, and spending overruns, especially during election years.