The government is pursuing an investment-grade credit rating to reduce borrowing costs, attract more investors, and expand financing opportunities for businesses under its New Economy programme.

Finance Minister Dr Cassiel Ato Forson says achieving the target will depend on sustained macroeconomic stability, credible economic policies and a restoration of investor confidence.

Speaking at a New Economy engagement in Accra, he said Ghana's 2022 debt default and the subsequent Domestic Debt Exchange Programme (DDEP) had severely weakened the domestic bond market and limited local banks' access to international financing.

He noted that improvements in the country's credit standing had restored some access to external funding, but stressed that reaching investment-grade status would open further opportunities by attracting a wider range of investors.

“When we get to investment grade, you would have laid the foundation for corporate bonds and others to take off,” he said.

An investment-grade rating would signal a stronger assessment of Ghana's ability to meet its debt obligations and could make the country eligible for investment from institutions whose mandates restrict them to securities that meet specified credit-rating standards.

The government expects such a rating to broaden the pool of available capital and potentially bring down borrowing costs for the state and private-sector players.

Dr Forson said the improved sovereign credit profile would also help create the conditions for Ghanaian companies to issue corporate bonds and access long-term funding for their operations and expansion.

He said the New Economy programme was designed to rebuild the economic fundamentals and confidence needed to strengthen Ghana's standing in international financial markets and encourage private-sector investment.

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Ghana targets investment-grade rating to unlock cheaper long-term financing

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