New Economy to push Ghana towards investment grade—Dr Ato Forson

Finance Minister Dr. Cassiel Ato Forson has stated that Ghana's New Economy program aims to achieve an investment-grade credit rating, which would help lower the country's borrowing costs and facilitate access to long-term financing for Ghanaian businesses. At a recent engagement in Accra, Dr. Forson noted that Ghana's domestic bond market had largely stalled in 2022, due to the country's debt default and the loss of local banks' access to credit lines following the Domestic Debt Exchange Programme.

However, he added that the market has since been restored and that the country currently holds a B rating. Dr. Forson emphasized the importance of reaching investment-grade status, as it would make Ghana's government bonds more attractive to institutional investors and potentially lower borrowing costs. This, in turn, could benefit Ghanaian businesses by improving financing conditions and deepening the domestic corporate bond market, enabling companies to raise longer-term funds for investments in equipment, production expansion, and new projects.

Dr. Forson concluded that maintaining a stable and predictable economy, along with implementing policies to sustain these gains, would be crucial for achieving the goal of investment-grade status.