The Bank of Ghana Governor, Dr. Johnson Asiama, has hinted that the managers of the economy are hopeful of a ratings upgrade in the second half of this year.
“ Only yesterday, I had a meeting with another ratings agency, Moody’s and we look forward to some good reviews in the coming months,” the Governor revealed at the Fidelity Bank Debt Capital Market Conference in Accra.
The Governor stated that the fiscal consolidation has been a key pillar of Ghana’s economic recovery, “underpinned by enhanced domestic revenue mobilisation, prudent expenditure management, and the restoration of debt sustainability”.
“These developments have been recognised by international rating agencies, with S&P upgrading Ghana’s sovereign rating to B-/B in November 2025 from CCC+/C, and Fitch Ratings upgrading the country from B- to B in May 2026”, the Governor added.
In April this year, Moodys maintained Ghana’s credit ratings at Caa1.
According to the US-based firm, this reflects continuing credit constraints and high susceptibility to exchange rate and commodity price volatility, especially with the ongoing Middle East conflict.
It, however, revised Ghana’s outlook to “positive” from “stable”, citing an improvement in the country’s finances.
Growth Outlook and Inflation
Speaking at the programme , the Governor of the Bank of Ghana also expects growth for the second half of this year to hit 6.0%.
On inflation the Governor expects headline inflation to remain broadly within the medium-term band of 8± 2%, barring any significant shocks”.
He was however quick to add that “It is important to also indicate that quarterly adjustments in utility tariffs and re-escalation of geopolitical tensions in the Middle East are potential downside risks that could adversely impact the inflation profile going forward.”
But despite all these concerns, he was confident that inflation would remain within the target band through 2026.
On the banking sector and regulation, the Governor stated that “they we will continue to implement institutional reforms, including safeguarding the independence of the Bank of Ghana and deepening the financial markets”
On the cedi and forex issue, Dr. Asiama said “Our new FX Operations Framework has enhanced the transparency and predictability of our FX operations”.
He also stated that his outfit is rebuilding external buffers through the gold-accumulation under the Ghana Accelerated National Reserve Accumulation Policy (GANRAP), in coordination with the Ministry of Finance.
He also revealed a framework is being developed for the Virtual Assets Services Providers, following the passage of the act, “which will incentivise banks to list on the equity market to improve access to long-term capital for productive investments.
Dr. Asiama was also expecting a greater participation by corporate and quasi-governmental issuers, adding that “For instance, the Ghana Cocoa Board has indicated its intention to finance operations for the 2026/2027 crop season through commercial paper issuances, targeting US$1 billion in three phases.”
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