Ghana is aiming to regain an investment-grade sovereign credit rating by 2029, just a few years after suffering one of Africa’s most significant debt crises and defaulting on much of its external debt in 2022, according to Business Insider Africa and MyJoyOnline. President John Dramani Mahama and Finance Minister Cassiel Ato Forson unveiled the target during an investor conference in London, arguing that African economies are often unfairly priced by global financial markets.
The West African nation has made significant progress since its debt restructuring programme began. Ghana defaulted on most of its external debt in December 2022, triggering a comprehensive restructuring process involving domestic and international creditors. Since then, the country has secured debt relief agreements, restored access to portions of domestic capital markets, and implemented fiscal reforms aimed at stabilising public finances.
Recent upgrades from major ratings agencies have strengthened confidence in Ghana’s recovery. Fitch Ratings upgraded Ghana’s sovereign rating to “B” in May 2026, citing fiscal consolidation, declining inflation, stronger economic growth, and progress in debt restructuring. Meanwhile, Moody’s revised the country’s outlook to positive, reflecting improving financing conditions and stronger fiscal management.
Analysts say achieving investment-grade status within three years would represent a remarkable turnaround for Ghana and could significantly lower borrowing costs while attracting long-term institutional investors. However, success will depend on maintaining fiscal discipline, completing remaining debt restructuring efforts, sustaining economic growth, and managing exposure to commodity price volatility in key exports such as gold, oil, and cocoa.
