Ghana's negotiations with its remaining commercial creditors is nearing completion, and a 'CCC+' rating on the issuer and its debt better reflects our forward-looking opinion of Ghana's creditworthiness. While reforms to reduce fiscal vulnerabilities are ongoing, Ghana still grapples with a high debt service burden, weak tax administration, and spending overruns, particularly during election years. At 21.2%, inflation remains elevated but is falling, underpinned by cedi appreciation and lower energy prices. External liquidity benefits from the shift of the country's current account into surplus. We therefore raised our foreign currency sovereign credit ratings on Ghana to 'CCC+' from 'SD' (selective default). The outlook is stable. On May 9, 2025, S&P Global Ratings raised its long- and short-term foreign currency sovereign
