S&P Upgrade: A boost to Ghana’s economic comeback – BoG Governor
The Governor of the Bank of Ghana, Dr. Johnson Asiamah, has hailed the recent sovereign credit rating upgrade by global agency Standard & Poor’s (S&P) as a clear sign of growing international confidence in Ghana’s economic recovery.
Ghana’s sovereign rating was upgraded from ‘Selective Default’ to ‘CCC+ with a Positive Outlook,’ reflecting progress made in stabilizing the economy through stringent fiscal and monetary reforms.
Speaking at an event in Accra, Dr. Asiamah said the upgrade sends a strong message to global markets, enhancing Ghana’s economic credibility and boosting prospects for long-term investment.
“You would have heard about the recent S&P upgrade of Ghana’s sovereign rating from a selective default to triple C positive, which further affirms this progress,” he said.
The Governor highlighted improvements in Ghana’s external reserves, a stronger trade balance, and rising consumer and business confidence, which are key indicators pointing to a more stable macroeconomic environment.
However, Dr. Asiamah cautioned that challenges remain. “Inflation, while improving, remains vulnerable to second-round effects. Food supply constraints persist, especially in northern Ghana and the Sahel region. We are also not immune to external price shocks due to the volatility of global commodity markets,” he noted. The Bank of Ghana remains committed to maintaining monetary discipline, rebuilding reserves, and supporting broader efforts to control inflation and promote sustainable economic growth. is this story matching the headline, does the headline tell the story
