Core Insights - Ghana's sovereign credit rating was upgraded from CCC+/C to B-/B by S&P Global Ratings, marking a significant milestone in the country's recovery process after nearly three years of international debt defaults [1][2] Economic Factors - Ghana's foreign exchange reserves surged to nearly $11 billion by the end of 2025, representing about 9% of GDP, up from $6.8 billion at the end of 2024 [1] - Strong export performance, particularly in gold and cocoa, which account for over 60% of commodity exports, has positively impacted the economy, with the cedi appreciating approximately 30% against the dollar this year [1] - The new government has implemented structural reforms aimed at achieving a primary surplus of 1.5% of GDP annually and a long-term plan to reduce public debt to 45% of GDP by 2034 [1] Investment Implications - The upgrade to B-/B with a stable outlook signals a significant reduction in recent default risk, boosting investor confidence and making Ghanaian assets, especially restructured new euro-denominated bonds, more attractive to global investors [2] - Lower borrowing costs are anticipated as the risk premium decreases, which should benefit both the government and the domestic private sector in future external borrowing [2] - The upgrade also acknowledges the support from the International Monetary Fund (IMF) for Ghana's fiscal consolidation efforts under a $3 billion extended credit facility, effective until May 31, 2026 [2] Economic Growth - Ghana's economy experienced a growth rate of 6.3% in the first half of 2025, indicating a positive growth momentum [2] Risks - Despite the positive outlook, there are still risks, including high debt servicing costs projected to account for 20% of revenue by 2028 and unresolved debt restructuring negotiations with commercial and official creditors regarding $5 billion in remaining debt [2]
标普上调加纳信用评级
Shang Wu Bu Wang Zhan·2025-11-11 15:59