Fitch Ratings has affirmed Ghana's Long-Term (LT) debt ratings at 'B-', assigned a Recovery Rating of 'RR4', and removed the ratings from Under Criteria Observation.

According to the UK-based firm, the rating actions reflect the application of Fitch's new Sovereign Rating Criteria (September 2025) and for the first time incorporate recovery assumptions into sovereign debt ratings.

The senior unsecured LT debt ratings are in line with Ghana's LT Issuer Default Ratings (IDRs).

Fitch assumed an average recovery prospect in a default scenario, given the lack of clearly identifiable recovery drivers for this sovereign. The instruments have a Recovery Rating of 'RR4'.

On 16 June 2025, Fitch upgraded Ghana's Long-Term Foreign and Local-Currency IDRs to 'B-' with a Stable Outlook. 

ESG – Governance

Ghana has an ESG Relevance Score (RS) of '5' for Political Stability and Rights and '5[+]' for the Rule of Law, Institutional and Regulatory Quality and Control of Corruption.

Fitch said these scores reflect the high weight that the World Bank Governance Indicators (WBGI) have in our proprietary Sovereign Rating Model (SRM). Ghana has a medium WBGI ranking at the 51st percentile reflecting a recent record of peaceful political transitions, a moderate level of rights for participation in the political process, moderate institutional capacity, established rule of law and a moderate level of corruption.

It added that the rating on the debt instruments is sensitive to any changes in Ghana's LT Foreign-Currency IDR and in Ghana's LT Local-Currency IDR, which have the following rating sensitivities as per the aforementioned rating action commentary.