We are hopeful of a ratings upgrade in second half of 2026 – BoG Governor

In a recent speech at the Fidelity Bank Debt Capital Market Conference in Accra, the Bank of Ghana Governor, Dr. Johnson Asiama, expressed optimism about a potential credit rating upgrade for Ghana in the latter half of this year. Speaking alongside Moody's, the Governor highlighted the country's fiscal consolidation as a crucial element of its economic recovery. This has been bolstered by improved domestic revenue collection, careful expenditure, and the restoration of debt sustainability.

The Bank of Ghana's credit ratings have been boosted recently, with S&P upgrading Ghana's rating to B-/B in November 2025 from CCC+/C, and Fitch Ratings moving the country from B- to B in May 2026. However, Moody's has maintained Ghana's credit rating at Caa1, citing ongoing credit constraints and high vulnerability to exchange rate and commodity price volatility, particularly due to the ongoing Middle East conflict.

Despite this, the Bank of Ghana Governor expects Ghana's growth to reach 6.0% in the second half of the year. Inflation is anticipated to stay within the medium-term range of 8± 2%, barring any substantial shocks. The Governor also warned that quarterly adjustments in utility tariffs and the escalation of geopolitical tensions in the Middle East could negatively impact the inflation landscape.

Dr. Asiama emphasized that the Bank of Ghana will continue to push for institutional reforms, such as preserving the Bank's independence and advancing financial markets. Regarding the cedi and forex, he noted that Ghana's new Foreign Exchange Operations Framework has increased transparency and predictability in foreign exchange transactions.

Additionally, the Bank of Ghana is rebuilding external reserves through the gold-accumulation under the Ghana Accelerated National Reserve Accumulation Policy (GANRAP), in partnership with the Ministry of Finance. Furthermore, a framework for Virtual Assets Service Providers is being developed, following the passage of the relevant legislation.

This initiative aims to encourage banks to list on the equity market, thereby facilitating access to long-term capital for productive investments. Dr. Asiama also expects increased participation from corporate and quasi-governmental issuers, with the Ghana Cocoa Board planning to finance its 2026/2027 crop season through commercial paper issuances, targeting $1 billion in three phases.