Ghana Credit Ratings & Outlooks

Country	Moody's	S&P	Fitch	DBRS	Scope Ratings
Ghana	Caa1 Stable	CCC+ Stable	B Stable	NR	NR

Credit Rating History

Country	Date of Change	Rating Agency	Previous Rating	Previous Outlook	Current Rating	Current Outlook
Ghana	Oct 10, 2025	Moody's	Ca	Stable	Caa1	Stable
Ghana	Jun 18, 2025	Fitch	RD	—	B	Stable
Ghana	May 09, 2025	S&P	SD	—	CCC+	Stable
Ghana	Feb 21, 2023	Fitch	C	—	RD	—
Ghana	Dec 21, 2022	Fitch	CC	—	C	—
Ghana	Dec 20, 2022	S&P	CC	Negative	SD	—
Ghana	Dec 06, 2022	S&P	B-	Stable	CC	Negative
Ghana	Nov 29, 2022	Moody's	Caa2	Under Review	Ca	Stable
Ghana	Sep 30, 2022	Moody's	Caa1	Stable	Caa2	Under Review
Ghana	Sep 23, 2022	Fitch	CCC	—	CC	—
Ghana	Aug 10, 2022	Fitch	B-	Negative	CCC	—
Ghana	Feb 04, 2022	Moody's	B3	Negative	Caa1	Stable
Ghana	Jan 14, 2022	Fitch	B	Negative	B-	Negative
Ghana	Jun 22, 2021	Fitch	B	Stable	B	Negative
Ghana	Sep 11, 2020	S&P	B	Negative	B-	Stable
Ghana	Apr 30, 2020	S&P	B	Stable	B	Negative
Ghana	Apr 17, 2020	Moody's	B3	Positive	B3	Negative
Ghana	Jan 24, 2020	Moody's	B3	Stable	B3	Positive
Ghana	Sep 14, 2018	S&P	B-	Positive	B	Stable
Ghana	Oct 06, 2017	S&P	B-	Stable	B-	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	CCC	CC
Extremely Speculative Grade			C	CCC	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.