Weak institutional arrangements, high debt servicing constrain Ghana’s rating – S&P

S&P Global has rated Ghana's institutional arrangements as weak, despite some progress. The US-based agency noted that high costs associated with servicing government debt continue to limit Ghana's credit rating. In its assessment, S&P highlighted that Ghana's economy is heavily dependent on agriculture, which accounts for 20% of the country's Gross Domestic Product, and gold exports, which make up more than two-thirds of all goods exported in 2025.

This dependence leaves Ghana vulnerable to fluctuations in weather conditions and external shocks. The agency cautioned that a drop in gold prices could negatively impact export revenues, while agricultural sector challenges, such as droughts or flooding exacerbated by El Niño, or prolonged conflicts in the Middle East, could disrupt inflation trends.

S&P also pointed out that Ghana's fiscal reforms are in their early stages and have not yet been subjected to the scrutiny of a full election cycle. The rating agency indicated that while measures to strengthen public finances have been implemented, they have not been fully tested through economic and electoral cycles. The government is committed to reform, particularly in managing public finances, and enjoys a strong mandate with a 46-seat majority in the 276-member parliament, led by President John Mahama and the National Democratic Congress (NDC).