{
  "id": 10435395,
  "title": "S&P affirms Ghana’s “B-/B” credit ratings with stable outlook",
  "url": "https://urgent.news/2026/09/28/s-p-affirms-ghanas-b-b-credit-ratings-with-stable-outlook",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-28T11:49:15.000Z",
  "source": {
    "name": "MyJoyOnline Ghana",
    "slug": "myjoyonline-ghana",
    "url": "https://www.myjoyonline.com/sp-affirms-ghanas-b-b-credit-ratings-with-stable-outlook/"
  },
  "original_language": "en",
  "account": "Standard and Poor's (S&P) has confirmed Ghana's credit ratings at \"B-/B\" for both long-term and short-term foreign and local currency obligations. The ratings agency also maintained a stable outlook for the country's credit. S&P affirmed its \"B-\" rating for the transfer and convertibility of Ghana's currency. The US-based firm explained that a \"B-/B\" rating indicates high credit risk and vulnerability to default, as the issuer is in the non-investment grade category. According to S&P, this rating is due to the expansion of Ghana's gold sector, which is positively impacting the country's external metrics, and the economy's resilience to the economic effects of the Middle East war.\n\nHowever, S&P expressed concerns over the Central Bank of Ghana's weakened financial position due to the government's focus on rapidly accumulating foreign currency reserves through gold exports. This requires significant recapitalization. The credit agency also noted that Ghana's fiscal reforms are progressing, with the policy anchored by a new 36-month, unfunded policy coordination instrument from the International Monetary Fund. Nevertheless, S&P remains worried about the elevated fiscal costs of the Ghana Gold Board (GoldBod).\n\nThe ratings agency warned that it could lower Ghana's credit rating within the next 12-18 months if the government struggles to refinance maturing debt due to rising fiscal deficits, poor Bank of Ghana or state-owned entity (SOE) performance, or materially higher public debt and debt service costs. Additionally, S&P could downgrade Ghana if terms of trade or export volumes deteriorate, leading to increased external financing needs and indebtedness. The rating may also be lowered if the debt restructuring process stalls due to disagreements among creditors on the comparability-of-treatment principles and terms under the G20 Common Framework restructuring process.",
  "summary": "According to the US-based firm, the credit rating of 'B-/B' means an issuer or obligation is in the non-investment grade (speculative or \"junk\") category, indicating high credit risk, high vulnerability to default, and that bad economic times will likely impair the ability to pay back debts.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 3,
    "also_reported_by": [
      {
        "outlet": "Joy Business",
        "title": "S&P affirms Ghana’s “B-/B” credit ratings with stable outlook",
        "url": "https://urgent.news/2026/09/28/s-p-affirms-ghanas-b-b-credit-ratings-with-stable-outlook-10438640",
        "published": "2026-09-28T11:49:15.000Z"
      },
      {
        "outlet": "Adom Online",
        "title": "S&P affirms Ghana’s “B-/B” credit ratings with stable outlook",
        "url": "https://urgent.news/2026/09/28/s-p-affirms-ghanas-b-b-credit-ratings-with-stable-outlook-10445882",
        "published": "2026-09-28T12:20:56.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}