S&P affirms Ghana rating at B-/B as rising gold exports stabilize economic recovery

S&P Global Ratings maintains Ghana's B-/B rating, citing $9B surplus and gold export growth, while warning of Middle East geopolitical risks.

By: AXL Media

Published: Apr 8, 2026, 3:35 AM EDT

Source: Information for this report was sourced from Daily Graphic

Sovereign Credit Stability Amid Improving Fiscal Metrics

Ghana’s sovereign credit rating has been affirmed at ‘B-/B’ with a stable outlook by S&P Global Ratings, signaling a cautious confidence in the nation’s economic trajectory. The agency noted that more stringent expenditure controls and recent fiscal reforms are expected to prevent a return to the severe budget deficits that precipitated the 2022 debt crisis. This affirmation suggests that the immediate risk of a credit downgrade has subsided, provided the government adheres to its current path of fiscal discipline and macroeconomic stabilization.

Commodity Exports Drive Record Foreign Exchange Reserves

A primary driver behind the stabilized outlook is the significant build-up in foreign currency reserves, fueled by a surge in export volumes. According to S&P, the gold sector has been particularly instrumental in bolstering the country’s external position, contributing to a current account surplus exceeding $9 billion in 2025. These record-level reserves provide a vital buffer against currency volatility, helping the Ghanaian cedi maintain a level of stability following several years of intense market fluctuations and inflationary pressure.

Restructuring Milestones Ease Immediate Financing Pressures

Progress in Ghana’s comprehensive debt restructuring program has been highlighted as a critical factor in reducing short-term economic strain. S&P reported that the government has successfully reached agreements in principle or completed restructuring on nearly all targeted debt tranches. This systemic reduction in immediate financial obligations has contributed to improved macroeconomic predictability, though the agency noted that the long-term success of these measures depends entirely on sustained policy consistency and the avoidance of fiscal slippage.