Ghana's Bank of Ghana Governor, Dr. Johnson Asiama, expects a sovereign credit ratings upgrade in the second half of 2026. This positive outlook follows recent engagements with international rating agencies and Ghana's sustained economic recovery efforts.
The Governor highlighted fiscal consolidation as a key driver for this anticipated improvement. Enhanced domestic revenue mobilisation, careful expenditure management, and restoring debt sustainability have underpinned Ghana's economic turnaround. These measures aim to strengthen the nation's financial health and appeal to investors.
This projection fits into Ghana's broader economic narrative of regaining investor confidence after recent financial challenges. International agencies have already acknowledged these efforts. S&P upgraded Ghana's rating to B-/B in November 2025 from CCC+/C. Fitch Ratings also improved the country's standing from B- to B in May 2026. These upgrades reflect growing confidence in Ghana's economic management and future prospects.
Dr. Asiama confirmed that he recently met with Moody's, another major ratings agency. He stated, "Only yesterday, I had a meeting with another ratings agency, Moody's and we look forward to some good reviews in the coming months." While Moody's maintained Ghana's credit rating at Caa1 in April, it revised the outlook to "positive" from "stable." This revision signals an improvement in the country's financial position, despite ongoing credit constraints and susceptibility to external shocks.
The anticipated upgrade could significantly lower Ghana's borrowing costs and attract more foreign direct investment. Decision-makers will closely monitor inflation trends and the cedi's stability. The Bank of Ghana expects economic growth to reach 6.0% in the second half of this year. Headline inflation should remain within the 8% ± 2% medium-term band, barring major shocks. However, quarterly utility tariff adjustments and geopolitical tensions in the Middle East pose potential risks to this inflation outlook. The central bank is also rebuilding external buffers through gold accumulation under the Ghana Accelerated National Reserve Accumulation Policy (GANRAP). This policy aims to strengthen Ghana's foreign exchange reserves. Furthermore, a framework for Virtual Assets Services Providers is under development. This initiative will encourage banks to list on the equity market, improving access to long-term capital for productive investments. Ghana Cocoa Board plans to issue US$1 billion in commercial paper for the 2026/2027 crop season, indicating increased corporate participation in capital markets.