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The United Nations Development Programme (UNDP), with support from the Government of Japan, has concluded a two-day National Workshop on Sovereign Credit Ratings and Development in Ghana. The training forms part of the UNDP Africa Credit Ratings Initiative, which is helping African countries, including Ghana, strengthen institutional and technical capacity to engage effectively with international credit rating agencies.
The workshop builds on the Regional Consultation on Strengthening Sovereign Credit Ratings in West Africa, held in Abidjan, Côte d’Ivoire, from 10–12 June 2025, which aimed to improve access to international capital markets for West African nations.
The two-day workshop in Ghana brought together 30 participants from key institutions, including the Ministry of Finance, Bank of Ghana, Electricity Company of Ghana, Ghana Statistical Service, Ghana Revenue Authority, Ghana National Petroleum Corporation, Ghana Gold Board, Minerals Commission, African Centre for Economic Transformation and the Minerals Income Investment Fund.
As Ghana positions itself for stronger economic growth and deeper integration into international capital markets, sovereign credit ratings have become critical in shaping investor confidence, determining borrowing costs, and unlocking access to long-term financing. Building on the recent IMF-supported debt restructuring, the country now has an opportunity to reinforce how it communicates its economic reforms and resilience to rating agencies and investors alike.
During the opening ceremony, Dr. Edward Ampratwum, Head of Inclusive Growth and Accountable Governance, UNDP Ghana, emphasized:
“Ghana’s credit ratings shape how global markets perceive the country and directly affect borrowing costs. Stronger engagement with rating agencies will unlock resources for critical investments in human development, climate resilience, and inclusive growth.”
Adding a broader perspective, Dr. Jacob Assa, Senior Economist and Strategic Advisor, Regional Bureau for Africa, UNDP, noted:
“As development financing shifts and traditional sources decline, more countries are turning to international capital markets to fill the gap. As part of efforts to rally support behind governments like Ghana, UNDP will work to strengthen national capacities helping them engage effectively with credit rating agencies, secure fairer assessments, and access affordable financing that drives sustainable development.”
Over the two days, participants gained practical insights into rating methodologies, data inputs, peer comparisons, the ratings process, and appeal mechanisms. They also examined the links between sovereign ratings, state-owned enterprises, and investor perspectives, while drafting Terms of Reference for a national Sovereign Credit Rating Committee and personal action plans for follow-up
Dr. Edward Ampratwum, Head of Inclusive Growth and Accountable Governance, UNDP Ghana
