Ghana eyes sovereign credit rating upgrade in late 2026

Ghana is positioning itself for a potential sovereign credit rating upgrade in the second half of 2026. Bank of Ghana Governor Dr. Johnson Asiama expressed optimism following discussions with international rating agencies, including Moody’s, noting that improvements in fiscal discipline, inflation control, foreign-exchange reserves, and debt sustainability are driving investor confidence.

The country’s credit trajectory has already seen upward movement. S&P Global Ratings upgraded Ghana’s sovereign rating from CCC+/C to B-/B in November 2025, and Fitch Ratings raised it from B- to B in May 2026. While Moody’s maintained the rating at Caa1 in April, it revised the outlook from stable to positive, signaling room for further improvement.

Dr. Asiama expects economic growth to reach 6.0% in the second half of the year and anticipates headline inflation will remain within the medium-term target band of 8±2%. However, he noted potential downside risks, including utility tariff adjustments and geopolitical tensions in the Middle East, which could impact inflation profiles.