S&P Global Ratings raised Ghana's sovereign foreign currency credit rating from “SD” (selective default) to “CCC+” on 9 May 2025, welcoming the significant progress made in negotiations to restructure commercial debt.

Barely four months after President John Mahama came to power, Ghana saw its credit score go up a notch. The S&P Global Ratings agency announced on Friday the country's transition from the “selective default” category to “CCC+”, welcoming the significant progress in debt restructuring. An encouraging signal for investors, even if the challenges remain significant.

This upgrade comes in a context of advanced negotiations with external creditors. In October 2024, Ghana successfully exchanged Eurobonds and is said to be on the verge of completing the restructuring of loans taken out from foreign commercial banks. For S&P, these efforts demonstrate a firm commitment by the new authorities to put public finances in order

However, the Agency maintains a stable outlook, highlighting both progress and risks. Among the positive points: robust economic growth (5.7% in 2024), gold export earnings up by more than 50% and foreign exchange reserves that reach $4.6 billion. But public debt remains under stress, with an external exposure of 62%, sensitive to CEDI fluctuations