Ghana’s economy continues to find favor in the eyes of international credit ratings agencies as S&P Global Ratings has upgraded Ghana’s credit score from CCC+ to B-.
This signals that, after Ghana’s economic crisis in 2022, the country’s economic recovery efforts are finally gaining traction. The upgrade, announced on November 7, 2025, also raised Ghana’s short-term rating to B, with a “stable” outlook, meaning S&P expects things to stay on track in the near future.
This marks Ghana’s highest rating since its 2022 debt default and follows what S&P calls “gradually strengthening balance of payments and fiscal positions.” In simpler terms, Ghana is earning and managing its money better.
What the Upgrade Means
A higher credit rating tells the world that Ghana is now seen as a safer place to lend money to. This could help the country borrow at lower interest rates and attract more investment.
S&P pointed out that Ghana’s finances are improving because the economy has stayed strong, inflation has dropped sharply, and export earnings, especially from gold and cocoa, have been significant. Together, these two exports make up more than 60% of Ghana’s goods sales abroad.
The agency expects Ghana’s foreign reserves to rise from $6.8 billion in 2024 to $10.4 billion by the end of 2025.
Reforms Paying Off
S&P’s decision also reflects confidence in Ghana’s new government, which took office in January 2025. The administration has introduced new spending rules to prevent overspending, which has been a recurring problem for successive governments.
One key policy is a rule that forces the government to keep a primary budget surplus of at least 1.5% of GDP every year. This means Ghana should earn more than it spends, excluding debt payments, to help bring public debt down to about 45% of GDP by 2034.
Inflation, which was above 20% at the beginning of 2025, has now dropped below 10%, and the cedi has strengthened by nearly 30% against the U.S. dollar.
Progress on Debt Restructuring
Another factor contributing to this favourable upgrade is that Ghana has also made steady progress in cleaning up its debt mess since the 2022 default. After completing local debt exchanges in 2023 and restructuring $13.1 billion worth of Eurobonds in 2024, the government is now negotiating the final stretch of about $5 billion owed to a few official and commercial lenders.
However, S&P observes that there are still disputes with some creditors, including the African Export-Import Bank and the Eastern and Southern African Trade and Development Bank, over how their debts should be treated.
There’s also a disagreement involving a set of commercial notes meant to fund Ghana’s health sector. S&P warns that these tensions could delay the full completion of the debt restructuring process.
The History of Ghana with Credit Ratings
Credit rating agencies use a variety of methods to analyze credit risks and provide ratings that help global investors and lenders make informed decisions. Experts such as Dr. Richmond Atuahene confirms that S&P, Moody’s and Fitch have been providing sovereign credit rating facilities for various Governments of Ghana since 2003.
Ghana issued her maiden bond of US$ 750 million on the international capital market on 2007 with Fitch rating B+. All bonds issued including Ghana’s debut bonds on the international capital markets have been risk- rated either B+, or BB- and BB+ by Fitch, Standard and Poor’s or Moody’s.
The general factors considered by the agencies in their methodologies of ratings include political risk, income & economic structure, economic prospects, fiscal flexibility, general government burden, offshore & contingent liabilities, monetary flexibility, external liquidity and external debt burden.
The Table 1 shows the history of sovereign credit ratings from 2003-2022
| Agency | Rating | Outlook | Date |
| Moody’s | Ca | Stable | Dec-22 |
| Moody’s | Caa2 | Under Review | Oct-22 |
| Fitch | CC | NR | Sep-22 |
| Standard & Poor’s | CCC+ | Negative | Aug-22 |
| Standard & Poor’s | CCC | NR | Aug-22 |
| Moody’s | Caa1 | Stable | Feb-22 |
| Fitch | B- | Negative | Jan-22 |
| Moody’s | B3 | Negative | Sep-21 |
| Fitch | B | Negative | Jun-21 |
| Fitch | B | Stable | Oct-20 |
| Standard & Poor’s | B- | Stable | Sep-20 |
| Standard & Poor’s | B | Negative | Apr-20 |
| Moody’s | B3 | Negative | Apr-20 |
| Fitch | B | Stable | Apr-20 |
| Standard & Poor’s | NR | NR | Feb-20 |
| Standard & Poor’s | B | Developing | Feb-20 |
| Fitch | B | Developing | Feb-20 |
| Fitch | B | Developing | Feb-20 |
| Standard & Poor’s | B | Developing | Jan-20 |
| Standard & Poor’s | B | Developing | Jan-20 |
| Moody’s | B3 | Stable | Jan-20 |
| Moody’s | B3 | Stable | Jan-20 |
| Fitch | B | Stable | Oct-19 |
| Fitch | B | Stable | May-19 |
| Standard & Poor’s | B | Developing | Mar-19 |
| Fitch | B | Stable | Mar-19 |
| Standard & Poor’s | B | Stable | Sep-18 |
| Fitch | B | Stable | Aug-18 |
| Moody’s | B3 | Stable | Feb-18 |
| Standard & Poor’s | B- | Positive | Oct-17 |
| Fitch | B | Stable | Sep-17 |
| Fitch | B | Stable | May-17 |
| Moody’s | B3 | Stable | Sep-16 |
| Fitch | B | Negative | Sep-16 |
| Fitch | B | Negative | Jul-16 |
| Fitch | B | Negative | Mar-16 |
| Fitch | B | Negative | Sep-15 |
| Moody’s | B3 | Negative | Mar-15 |
| Standard & Poor’s | B- | Stable | Oct-14 |
| Fitch | B | Negative | Sep-14 |
| Fitch | B | Negative | Aug-14 |
| Fitch | B | Negative | Jul-14 |
| Moody’s | B2 | Negative | Jun-14 |
| Fitch | B | Negative | Jun-14 |
| Fitch | B | Negative | May-14 |
| Fitch | B | Negative | Apr-14 |
| Fitch | B | Negative | Mar-14 |
| Fitch | B | Stable | Feb-14 |
| Fitch | B | Stable | Jan-14 |
| Standard & Poor’s | B | Negative | Dec-13 |
| Moody’s | B1 | Negative | Dec-13 |
| Fitch | B | Stable | Dec-13 |
| Fitch | B | Stable | Nov-13 |
| Fitch | B | Stable | Oct-13 |
| Fitch | B+ | Negative | Aug-13 |
| Fitch | B+ | Negative | Jul-13 |
| Fitch | B+ | Negative | Jun-13 |
| Fitch | B+ | Negative | May-13 |
| Fitch | B+ | Negative | Mar-13 |
| Moody’s | B1 | Stable | Dec-12 |
| Fitch | B+ | Stable | Aug-12 |
| Fitch | B+ | Stable | Jul-12 |
| Fitch | B+ | Stable | Sep-11 |
| Fitch | B+ | Stable | Sep-10 |
| Standard & Poor’s | B | Stable | Aug-10 |
| Standard & Poor’s | B+ | Negative | Mar-09 |
| Fitch | B+ | Negative | Mar-09 |
| Fitch | B+ | Stable | Feb-08 |
| Standard & Poor’s | B+ | Stable | Apr-06 |
| Fitch | B+ | Positive | Feb-06 |
| Standard & Poor’s | B+ | Stable | Nov-05 |
| Fitch | B+ | Stable | Mar-05 |
| Fitch | B | Positive | Dec-03 |
| Standard & Poor’s | B+ | Stable | Sep-03 |
Source: Dr. Richmond Atuahene & K. B Frimpong (FCCA), 2023
The Bottomline
S&P’s upgrade is good news to both Ghanaians and the government, as the Minister for Finance, Dr. Cassiel Ato Forson, has described the development as “another feather in our cap.”
This is an indication that Ghana is slowly regaining the world’s trust after years of financial turbulence. But it’s also a reminder that the country’s recovery is fragile and depends on how well the government can stick to its reforms.
