S&P Global Ratings has upgraded Ghana’s credit rating to ‘B-/B’ with a Stable Outlook, reflecting stronger fiscal discipline and a rebound in the country’s external position driven by booming gold and cocoa exports.
The upgrade, announced on November 7, 2025, moves Ghana up from ‘CCC+/C’, signalling renewed investor confidence in the country’s economic recovery.
S&P cited Ghana’s “robust domestic growth and improving fiscal balance” as key reasons for the upgrade.
Foreign reserves are projected to reach $10.4 billion by the end of 2025 — up from $6.8 billion a year earlier — while the cedi has gained roughly 30% against the dollar since January. Inflation is expected to drop below 10% in 2026, marking a sharp decline from above 20% earlier this year.
The agency praised the government’s fiscal reforms, including a commitment to maintaining a 1.5% primary surplus and a new framework to curb overspending. It also highlighted progress in debt restructuring, following the successful exchange of domestic bonds and $13.1 billion in Eurobonds.
However, S&P warned that Ghana remains vulnerable to swings in global commodity prices and weather shocks, given its dependence on gold and cocoa exports. It added that the sustainability of the reforms will depend on how they hold up during future election cycles.
According to S&P, the rating could rise further if fiscal consolidation continues and reserves keep growing, but could be revised downward if reform momentum weakens or export conditions deteriorate.
