Ghana’s economic recovery is showing renewed momentum with growing signs of restored investor confidence, the Deputy Resident Representative of the United Nations Development Programme (UNDP) in Ghana, Shaima Hussein, has said.

She said this development followed more than two years of fiscal challenges after the country’s sovereign debt default in December 2022 disrupted markets and limited access to external financing, prompting reforms that had begun to yield measurable results.

Ms Hussein added that Ghana’s engagement with the International Monetary Fund under the extended credit facility was a turning point, enabling authorities to implement an ambitious debt restructuring programme.

“These measures have created fiscal space and built a foundation for economic recovery. Recent developments show improvements in Ghana’s sovereign credit ratings and outlook.

“Fitch Ratings has affirmed Ghana’s Long-Term rating at ‘B-’ with a stable outlook, reflecting growing confidence in the country’s reform trajectory and macroeconomic stabilisation,” she said at a credit rating capacity-building workshop at Peduase in the Eastern Region yesterday.

Event

The workshop, which was organised under the UNDP Credit Rating Support Initiative, was expected to strengthen Ghana’s institutional capacity to effectively engage global credit rating agencies and enhance its sovereign credit profile as the country prepares to re-enter international capital markets.

It offered participants the opportunity to build technical and analytical skills in credit rating methodologies, improve macro-fiscal storytelling and data presentation, and develop coordinated communication strategies to boost investor confidence and secure sustainable financing.

Participants were selected from the Ministry of Finance (MoF), Bank of Ghana (BoG), Ghana Statistical Service (GSS), Securities and Exchange Commission (SEC) and other government agencies.

Ms Hussein further described Ghana’s performance as a clear positive shift in market sentiment and a pathway toward re-engagement with international capital markets.

She, however, said despite the progress made, the country still faced significant challenges, including a financing gap of between $60 billion and $70 billion needed to achieve its development goals by 2030.

Ms Hussein said high borrowing costs, which had reached between 15 and 25 per cent at times, continued to constrain investments in key sectors such as human development, climate resilience and inclusive growth.

“However, as was emphasised during our Financing for Development Dialogue in June 2025, in Accra, the journey ahead is no less demanding.

“At that dialogue, we highlighted a critical reality: Ghana faces an SDG financing gap of between 60 and 70 billion dollars by 2030. This gap demands a comprehensive and integrated approach to mobilising resources, public and private, domestic and international,” she said.

Significance

The Deputy Resident Representative further said that the workshop had provided participants with a strong foundation in methodologies and processes used in sovereign credit ratings.

She said it was designed to examine how ratings were determined, key indicators assessed by rating agencies, and the important role both quantitative data and qualitative data, often referred to as soft information, played in shaping a country’s credit profile.

“The workshop provides an opportunity for government officials to draw lessons from international best practices, engage with peers, and better understanding of how other countries have navigated the credit rating landscape,” Ms Hussein added.