The upgrade, announced on November 7, 2025, marks a major step in Ghana’s recovery from the 2022 debt crisis that forced a suspension of Eurobond payments worth 13.1 billion dollars.
In its latest report, S&P said higher export volumes and favourable prices for gold and cocoa in 2025 had supported the cedi and boosted Ghana’s foreign currency reserves to almost 11 billion dollars, representing about nine per cent of forecast GDP.
This figure is up from 6.8 billion dollars at the end of 2024. The agency also assigned a stable outlook to the new rating.
