Ghana's central bank governor, Dr. Johnson Asiama, anticipates a sovereign credit ratings upgrade for the nation in the second half of 2026. This projection signals growing confidence in Ghana's economic recovery trajectory.
Dr. Asiama revealed this outlook at the Fidelity Bank Debt Capital Market Conference in Accra. He confirmed recent discussions with ratings agencies, including Moody's, suggesting positive reviews are expected soon. The Governor highlighted Ghana's fiscal consolidation as a key driver for this anticipated improvement.
This hopeful forecast aligns with Ghana's broader economic narrative of recovery following recent financial challenges. The country has implemented strict fiscal measures, including improved domestic revenue collection and careful expenditure management. These actions aim to restore debt sustainability and attract foreign investment, crucial for long-term growth.
Dr. Asiama stated, "These developments have been recognised by international rating agencies." He noted 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. Moody's, in April, maintained Ghana's Caa1 rating but revised its outlook from "stable" to "positive."
A ratings upgrade would likely reduce Ghana's borrowing costs on international markets. It could also enhance investor confidence, potentially leading to increased foreign direct investment. Decision-makers will closely monitor fiscal discipline and inflation trends to sustain this positive momentum.
The Governor also projected Ghana's economic growth to reach 6.0% in the second half of 2026. He expects headline inflation to remain within the central bank's target band of 8±2% during this period. However, he cautioned about potential risks from utility tariff adjustments and geopolitical tensions, particularly in the Middle East.
Ghana's economic managers are actively rebuilding external buffers through the Ghana Accelerated National Reserve Accumulation Policy (GANRAP). This initiative involves gold accumulation in coordination with the Ministry of Finance. Such measures aim to strengthen the cedi and enhance the country's resilience against external shocks.
The Bank of Ghana is also developing a framework for Virtual Assets Services Providers. This framework follows recent legislation and aims to encourage banks to list on the equity market. Greater participation will improve access to long-term capital for productive investments across the economy.
Furthermore, Dr. Asiama mentioned plans for increased corporate and quasi-governmental issuer participation in financial markets. The Ghana Cocoa Board, for instance, intends to finance its 2026/2027 crop season operations through commercial paper issuances. This initiative targets US$1 billion in three distinct phases, demonstrating confidence in local capital markets.
These strategic financial moves are critical for Ghana to maintain its path towards economic stability and growth. The anticipated ratings upgrade would serve as an important validation of these ongoing efforts. It would also signal a more favourable environment for both domestic and international investors.