Deloitte projects higher credit ratings for Ghana due to improved debt sustainability

Deloitte projects higher credit ratings for Ghana due to improved debt sustainability.

Moody’s and Fitch upgraded Ghana’s credit ratings in October 2024, following a 37% reduction in Eurobond debt as part of the government's restructuring program. With the restructuring 93% complete, the government expects better investor sentiment.

Deloitte’s analysis of the 2025 budget highlights a decline in Ghana’s debt-to-GDP ratio from 78.5% in 2021 to 61.8% in 2024, moving towards the 55% IMF target by 2028.

The government’s strategy to extend bond maturities and use the sinking fund to build cash buffers aims to enhance debt management and investor confidence. Deloitte commends the drop in T-bill rates and urges close coordination between fiscal and monetary policies to sustain economic stability.