Ghana Targets Investment-Grade Rating in 3 Years as Mahama Says African Debt Is Mispriced
Updated
Updated · CNBCAfrica.com · Jun 3
Ghana Targets Investment-Grade Rating in 3 Years as Mahama Says African Debt Is Mispriced
3 articles · Updated · CNBCAfrica.com · Jun 3
Summary
Three years is Ghana’s target to return to investment-grade status, Finance Minister Cassiel Ato Forson said, even though major rating agencies still rank its sovereign debt several notches below that level.
At a London investor conference, President John Mahama said African debt is “mispriced” and urged faster, fairer and more inclusive restructuring tools after Ghana’s 2022 default and debt overhaul under the G20 Common Framework.
Forson said relying on sovereign borrowing can balloon debt and argued private capital must play a bigger role, while also warning that a surge in state-owned enterprises is not ideal for the economy.
Ghana’s case comes as its gold-, oil- and cocoa-driven economy shows signs of recovery, with growth accelerating late last year and first-quarter 2026 data still pending.
Ghana's recovery plan is ambitious. What will stop history from repeating its cycle of debt and default?
Is Ghana's turnaround strong enough to overcome what its President calls a biased global financial system?
Can Ghana's pivot to green industrialization and cocoa processing actually create widespread prosperity for its citizens?
From Default to Investment-Grade: Ghana’s Journey to a 2029 Credit Rating Milestone
Overview
Ghana is on a determined path to achieve an investment-grade credit rating by 2029, aiming to transform its economic future after overcoming high borrowing costs that once limited growth in key sectors. Achieving this rating would lower Ghana’s credit risk, making it more attractive to global investors and opening doors for increased foreign direct investment. It would also help the private sector access international markets, encourage greater public sector transparency, and support the development of deeper local capital markets. These steps are crucial for Ghana’s ambition to secure sustainable growth and long-term financial stability.