Advisory | Ghana’s credit ratings upgrade: A vote of confidence, but not a passport to borrow
The upgrade affirms Ghana’s progress since its 2022–2023 debt crisis when ballooning deficits, crippling interest payments, and unsustainable borrowing culminated in a historic default and painful debt restructuring under both the Domestic and External Debt Exchange Programme. Inflation has dropped significantly, international reserves have rebounded to over $10 billion, and the cedi has appreciated more than 40% year-to-date. Fitch’s confidence stems from these improved fundamentals and tighter fiscal discipline
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