Deloitte Ghana has urged government to tread carefully in re-entering the international capital markets, despite the country’s markedly improved debt position and recent upgrades from international rating agencies.
In a review, the research and advisory firm cautioned against repeating past mistakes that triggered the 2022 debt crisis.
“Reliance on foreign debts must be moderated, with inflows strictly channelled into strategic capital investments that can adequately support repayment of such loans,” Deloitte advised.
The warning comes as Ghana’s debt-to-GDP ratio has dropped significantly from 78.5% in December 2021 to 43.8% in June 2025 far below the 70.6% recorded in June 2024. This improvement moves the country closer to its medium-term target of 55% by 2028, in line with its agreement with the International Monetary Fund (IMF).
The nation’s total public debt fell by GH₵113.7 billion in the first half of 2025, from GH₵726.7 billion at the end of 2024 to GH₵613 billion in June 2025. Deloitte attributed the decline largely to the strengthening of the cedi against the dollar and the completion of the government’s debt restructuring programme.
The firm noted that the enhanced debt sustainability is likely to spur further rating upgrades from agencies such as S&P and Moody’s, boosting investor confidence in Ghana’s economy.
It also commended the government for building cash buffers, particularly the sinking fund, as a safeguard against future shocks. “We recommend that the government accelerate efforts in this regard and provide regular updates on the fund’s position in order to enhance investor confidence,” Deloitte added.
This counsel comes at a time when investor appetite for Ghanaian assets appears to be rebounding, but analysts say any premature surge in foreign borrowing could undo recent fiscal gains.
