Standard and Poor’s Global Ratings has maintained Ghana’s sovereign credit assessment at B minus for long term obligations and B for short term obligations, covering both foreign currency and local currency liabilities, while retaining a stable outlook on the country’s credit standing. The ratings institution has also upheld its B minus transfer and convertibility assessment for Ghana. The latest decision was reported on September 28, 2026.
The continued B minus rating places Ghana within the non investment grade category, commonly described as speculative grade. In practical terms, the classification indicates that the country remains exposed to comparatively high credit risk and could become more vulnerable to difficulties in meeting its financial obligations if economic or financial conditions deteriorate significantly. The stable outlook, however, indicates that S&P has not altered its assessment in a direction that presently signals either an imminent upgrade or downgrade.
S&P’s assessment reflects several developments within Ghana’s economic environment, particularly the growing contribution of the gold industry to the country’s external position. The expansion of gold related activities has strengthened foreign exchange generation and contributed to the accumulation of international reserves. Ghana Gold Board has continued to play a central role in this strategy, with the institution reporting that it generated approximately US$1.315 billion in foreign exchange during August 2026, of which US$668.21 million was supplied to commercial banks while US$646.59 million was made available to the Bank of Ghana for reserve accumulation. GoldBod subsequently projected another US$1.4 billion in foreign exchange generation for September.
The ratings agency also acknowledged the relative resilience of Ghana’s economy in the face of external pressures and pointed to continuing fiscal reforms as an important component of the country’s economic adjustment programme. These reforms are being pursued alongside Ghana’s engagement with the International Monetary Fund under a new 36 month Policy Coordination Instrument, which provides a framework for policy coordination and continued economic reforms.
Nevertheless, S&P has highlighted significant vulnerabilities surrounding the financial position of the Bank of Ghana. The agency expressed concern that the central bank’s balance sheet has been weakened by policies designed to accelerate the accumulation of foreign exchange reserves through gold exports. According to the assessment, this strategy carries substantial financial implications for the central bank and could require significant recapitalisation.
The agency has also indicated that the fiscal costs associated with Ghana Gold Board are likely to remain substantial. This concern comes against the broader backdrop of Ghana’s continuing efforts to rebuild its public finances following the severe debt crisis that culminated in the country’s suspension of payments on a substantial portion of its international debt.
S&P further pointed to the continuing burden created by debt servicing, sizeable contingent liabilities associated with state owned enterprises and the Bank of Ghana, as well as risks surrounding the implementation of fiscal reforms. The agency also identified Ghana’s considerable exposure to movements in international commodity prices as an important vulnerability because the country remains heavily dependent on commodities including gold, cocoa and crude oil.
Recent developments illustrate the importance of the gold sector to Ghana’s external position. The Bank of Ghana reported that the country’s gold shipments became less regular during August but resumed in September, with the Governor, Dr Johnson Pandit Asiama, indicating that the renewed shipments were supporting the accumulation of international reserves. The Bank reported that official gold reserves increased from 24.4 tonnes in June 2026 to 25.2 tonnes in August, although the monetary value changed during the period because of movements in the international gold market.
At the same time, Ghana’s broader reserve position has remained an important consideration for policymakers. The Bank of Ghana recently indicated that gross international reserves had fallen from US$12.94 billion in June to approximately US$11.07 billion in August, reducing the reserve buffer to about 4.2 months of import cover. The central bank has therefore continued to regard the rebuilding of reserves as a significant policy priority.
S&P has consequently identified circumstances that could result in a deterioration of Ghana’s credit assessment during the next 12 to 18 months. Among the principal risks would be a renewed increase in fiscal deficits caused by weaker fiscal discipline or deteriorating financial performance at the Bank of Ghana or state owned enterprises, including GoldBod. A substantial increase in public debt beyond current expectations or a significant escalation in debt servicing costs could also place additional pressure on the sovereign rating.
The agency has further indicated that Ghana could face additional credit pressure if its terms of trade or export volumes weaken materially. Such a development could reduce foreign exchange earnings while simultaneously increasing the country’s external financing requirements and external indebtedness. This risk is particularly significant because Ghana’s export earnings remain substantially influenced by international prices for gold, cocoa and crude oil.
Another potential source of pressure identified by S&P concerns the country’s ongoing debt restructuring programme. Although the agency does not presently treat a breakdown in the restructuring process as its base case, it has warned that the sovereign rating could come under pressure if the restructuring process were to stall. Such an outcome could arise if Ghana’s creditors failed to reach agreement on the principle of comparability of treatment or disagreed over the terms provided to different creditor groups under the G20 Common Framework.
Ghana’s present rating must also be understood against the backdrop of the significant deterioration in its sovereign credit position during the 2022 debt crisis. S&P subsequently upgraded Ghana from CCC plus/C to B minus/B in November 2025, citing stronger export performance, increased foreign exchange reserves and improvements in fiscal management. The upgrade represented a substantial movement away from the severely distressed credit position that had followed Ghana’s debt crisis and international debt payment suspension.
The 2025 upgrade followed Ghana’s 2022 debt crisis, during which the country suspended payments on approximately US$13.1 billion in Eurobond obligations. The subsequent restructuring of Ghana’s debt, combined with fiscal consolidation, stronger commodity export receipts and reserve accumulation, has formed part of the broader process through which the country has sought to restore investor confidence and strengthen its capacity to meet future financial obligations.
The latest S&P decision therefore leaves Ghana at the B minus/B level previously established in November 2025, rather than representing another upward revision. The stable outlook means the current assessment remains unchanged while the ratings agency continues to monitor the durability of Ghana’s fiscal adjustment, the performance of the Bank of Ghana and GoldBod, developments in public debt, the implementation of economic reforms and the country’s ability to maintain adequate external financing and reserves.
For Ghana, the assessment presents a mixed picture. The country has recorded improvements in areas such as gold related foreign exchange generation, reserve accumulation and fiscal management, while significant vulnerabilities remain around debt servicing, contingent liabilities, central bank finances, commodity dependence and the implementation of reforms. The latest decision consequently preserves Ghana’s current sovereign rating while placing continued attention on whether the economic gains achieved since the 2022 debt crisis can be sustained.
