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Ghana Credit Ratings & Outlooks
Country | Moody's | S&P | Fitch | DBRS | Scope Ratings |
|---|---|---|---|---|---|
Caa1 Positive | CCC+ Stable | B Positive | NR — | NR — |
Credit Rating History
Country | Date of Change | Rating Agency | Previous Rating | Previous Outlook | Current Rating | Current Outlook |
|---|---|---|---|---|---|---|
| May 08, 2026 | Fitch | B | Stable | B | Positive | |
| Apr 10, 2026 | Moody's | Caa1 | Stable | Caa1 | Positive | |
| Oct 10, 2025 | Moody's | Ca | Stable | Caa1 | Stable | |
| Jun 18, 2025 | Fitch | RD | — | B | Stable | |
| May 09, 2025 | S&P | SD | — | CCC+ | Stable | |
| Feb 21, 2023 | Fitch | C | — | RD | — | |
| Dec 21, 2022 | Fitch | CC | — | C | — | |
| Dec 20, 2022 | S&P | CC | Negative | SD | — | |
| Dec 06, 2022 | S&P | B- | Stable | CC | Negative | |
| Nov 29, 2022 | Moody's | Caa2 | Under Review | Ca | Stable | |
| Sep 30, 2022 | Moody's | Caa1 | Stable | Caa2 | Under Review | |
| Sep 23, 2022 | Fitch | CCC | — | CC | — | |
| Aug 10, 2022 | Fitch | B- | Negative | CCC | — | |
| Feb 04, 2022 | Moody's | B3 | Negative | Caa1 | Stable | |
| Jan 14, 2022 | Fitch | B | Negative | B- | Negative | |
| Jun 22, 2021 | Fitch | B | Stable | B | Negative | |
| Sep 11, 2020 | S&P | B | Negative | B- | Stable | |
| Apr 30, 2020 | S&P | B | Stable | B | Negative | |
| Apr 17, 2020 | Moody's | B3 | Positive | B3 | Negative | |
| Jan 24, 2020 | Moody's | B3 | Stable | B3 | Positive |
Table Key
| Grade | Moody's | S&P | Fitch | DBRS | Scope Ratings |
|---|---|---|---|---|---|
Prime | Aaa | AAA | AAA | AAA | AAA |
High Grade | Aa1 | AA+ | AA+ | AA (high) | AA+ |
Aa2 | AA | AA | AA | AA | |
Aa3 | AA- | AA- | AA (low) | AA- | |
Upper Medium Grade | A1 | A+ | A+ | A (high) | A+ |
A2 | A | A | A | A | |
A3 | A- | A- | A (low) | A- | |
Lower Medium Grade | Baa1 | BBB+ | BBB+ | BBB (high) | BBB+ |
Baa2 | BBB | BBB | BBB | BBB | |
Baa3 | BBB- | BBB- | BBB (low) | BBB- | |
Non-investment Grade Speculative | Ba1 | BB+ | BB+ | BB (high) | BB+ |
Ba2 | BB | BB | BB | BB | |
Ba3 | BB- | BB- | BB (low) | BB- | |
Highly Speculative Grade | B1 | B+ | B+ | B (high) | B+ |
B2 | B | B | B | B | |
B3 | B- | B- | B (low) | B- | |
Substantial Risk Grade | Caa1 | CCC+ | CCC+ | CCC | |
Caa2 | CCC | CCC | CCC | CCC | |
Caa3 | CCC- | CCC- | CCC | ||
Extremely Speculative Grade | Ca | CC | CC | CC | CC |
C | CC | C | |||
In Default with Little Prospect for Recovery | CD | RD | RD | ||
In Default | SD | SD | |||
C | D | D | D | D | |
DD | DD | ||||
DDD | DDD | ||||
Not Rated | NR | NR | NR | NR | NR |
FAQ
What is Ghana’s current credit rating?
Ghana’s sovereign credit rating reflects its government’s ability and willingness to meet debt obligations. It is assigned by major agencies such as S&P, Moody’s, Fitch, DBRS, and Scope, and represents how international markets view Ghana’s credit risk.
Has Ghana’s credit rating changed recently?
This page lists the latest rating and outlook actions for Ghana, showing when each agency last reviewed or changed its assessment.
Why does Ghana’s credit rating matter to investors?
Ratings directly affect borrowing costs, investor confidence, and market access. Changes can influence Ghana's bond yields, currency, and equity flows as investors reassess risk.
How does Ghana’s rating compare to other countries?
You can explore how Ghana ranks globally using our Credit Ratings Hub, which displays all countries’ ratings from S&P, Moody’s, Fitch, DBRS, and Scope.
What do outlooks like Positive, Stable, and Negative mean?
They indicate the expected direction of a rating. Positive signals a possible upgrade, Stable means no change is likely, and Negative points to potential downgrade risk
What is the difference between investment grade and speculative grade?
Investment grade (BBB−/Baa3 or higher) means relatively low risk and steady market access. A speculative grade (BB+/Ba1 or lower) signals higher risk and volatility, but can attract yield-seeking investors.
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