President John Mahama has said Ghana is on track for another credit rating upgrade ahead in the next review.
His optimism follows recent improvements in Ghana’s ratings by S&P Global and Fitch Ratings, after years of being classified as junk status.
The President was speaking during a visit to Japan as part of Ghana’s broader push to deepen economic partnerships and attract foreign investment.
He noted that, “I am certain that, in the next review we are going to be upgraded again.”
In May, S&P Global Ratings raised Ghana’s foreign currency issuer credit rating from ‘Selective Default’ to ‘CCC+’, citing progress in debt restructuring and macroeconomic stabilization.
Fitch Ratings followed in June, upgrading Ghana’s Long-Term Foreign-Currency Issuer Default Rating from ‘Restricted Default’ to ‘B-’, with a stable outlook.
The Fitch upgrade came after the successful restructuring of $13.1 billion in Eurobond debt and ongoing talks over remaining external liabilities.
These ratings mark a turnaround from previous years, when Ghana’s debt was deemed unsustainable and its credit status plunged.
President Mahama believes another upward revision could be imminent.
He announced that the minimum capital requirement of one million dollars for foreign investors has been scrapped, describing the move as a step towards making Ghana a more attractive destination.
He also noted that, “some barriers where put to foreign investment, you have to prove that, you have brought in certain amount of money to be classified as a foreign exchange” he added that “ in the reviewed Ghana investment promotion, we are removing those minimal investment.”
These were parts of conversations held during the President’s trip to Japan as part of Ghana’s broader strategy to strengthen economic partnerships and attract foreign investment.
The visit included meetings with key business leaders and potential investors, aimed at boosting trade ties and securing support for Ghana’s development agenda.
By Coffie Mawuedem Noel
