{"id":342039,"date":"2025-05-10T06:30:21","date_gmt":"2025-05-10T06:30:21","guid":{"rendered":"https:\/\/www.ghanamma.com\/2025\/05\/10\/s-outlook-stable\/"},"modified":"2025-05-10T06:30:21","modified_gmt":"2025-05-10T06:30:21","slug":"s-outlook-stable","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2025\/05\/10\/s-outlook-stable\/","title":{"rendered":"S&#038;P upgrades Ghana\u2019s credit rating to CCC+; outlook stable"},"content":{"rendered":"<br><div id=\"article-text\">\n                       \n                        \n<p>S&amp;P Global Ratings has upgraded Ghana\u2019s credit rating to CCC+ from \u2018SD\u2019 or Selective Default, as a result of the nearing completion of the country\u2019s debt restructuring negotiations with its commercial creditors<\/p>\n\n\n\n<p>The upgraded rating better reflects S&amp;P\u2019s forward-looking opinion of Ghana\u2019s creditworthiness.<\/p>\n\n\n\n<p>The US-based firm in a statement said the outlook on both the foreign and local currency ratings is stable.<\/p>\n\n\n\n<p>Similarly, Ghana\u2019s transferability and convertibility assessment remains \u2019CCC+.<\/p>\n\n\n\n<p>It explained that the stable outlook balances supportive economic growth, ongoing fiscal reforms, and Ghana\u2019s improved external position against high debt service costs and a weak (although improving) track record of public financial management through election cycles.<\/p>\n\n\n\n<p>\u201cThe 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\u201d, it added.<\/p>\n\n\n\n<p>It continued that the ratings on Ghana are supported by improving external metrics, with significant increases in gold export receipts and a reaccumulation of foreign exchange (FX) reserves.<\/p>\n\n\n\n<p>In addition, economic growth remains resilient despite the protracted debt restructuring process. External debt makes up 62% of government liabilities, or 49% of Gross Domestic Product, implying that debt sustainability will remain contingent on exchange rate developments, and therefore key export prices.<\/p>\n\n\n\n<p>It however warned that Ghana continues to struggle with a high debt service burden, weak tax administration, and spending overruns, especially during election years. <\/p>\n\n\n\n<p>It noted that inflation, which is currently at 21.2%, remains high but is falling due to cedi appreciation and lower energy prices. The shift of the country\u2019s current account into surplus has resulted in increased external liquidity.<\/p>\n\n                <p><strong>DISCLAIMER: <\/strong>The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.<\/p>      \n             \n <!-- Post Tags -->\n                \n\n                        \n                    \n                         \n                        <p><strong>DISCLAIMER: <\/strong>The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.<\/p> \n                 \n\n        \n    \n                                                 \n                                        \n                    <\/div>\r\n","protected":false},"excerpt":{"rendered":"<p>S&amp;P Global Ratings has upgraded Ghana\u2019s credit rating to CCC+ from \u2018SD\u2019 or Selective Default, as a result of the nearing completion of the country\u2019s debt restructuring negotiations with its commercial creditors The upgraded rating better reflects S&amp;P\u2019s forward-looking opinion of Ghana\u2019s creditworthiness. The US-based firm in a statement said the outlook on both the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":342040,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24],"tags":[],"class_list":{"0":"post-342039","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>S&amp;P upgrades Ghana\u2019s credit rating to CCC+; outlook stable - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2025\/05\/10\/s-outlook-stable\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"S&amp;P upgrades Ghana\u2019s credit rating to CCC+; outlook stable - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"S&amp;P Global Ratings has upgraded Ghana\u2019s credit rating to CCC+ from \u2018SD\u2019 or Selective Default, as a result of the nearing completion of the country\u2019s debt restructuring negotiations with its commercial creditors The upgraded rating better reflects S&amp;P\u2019s forward-looking opinion of Ghana\u2019s creditworthiness. The US-based firm in a statement said the outlook on both the [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.ghanamma.com\/2025\/05\/10\/s-outlook-stable\/\" \/>\n<meta property=\"og:site_name\" content=\"Ghanamma.com\" \/>\n<meta property=\"article:published_time\" content=\"2025-05-10T06:30:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.ghanamma.com\/2025\/wp-content\/uploads\/2025\/05\/SP.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"620\" \/>\n\t<meta property=\"og:image:height\" content=\"400\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Ghana News\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ghana News\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2025\\\/05\\\/10\\\/s-outlook-stable\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2025\\\/05\\\/10\\\/s-outlook-stable\\\/\"},\"author\":{\"name\":\"Ghana News\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2025\\\/#\\\/schema\\\/person\\\/19f97c9b96bb4eec1ec652714cfea7e6\"},\"headline\":\"S&#038;P upgrades Ghana\u2019s credit rating to CCC+; 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