Finance Minister Dr Cassiel Ato Forson says Ghana is targeting an investment-grade credit rating through its New Economy programme to reduce borrowing costs and improve access to long-term financing for local businesses.
Speaking at a New Economy engagement in Accra, Dr Forson said the country’s domestic bond market had largely stalled in 2022 following the debt default and the Domestic Debt Exchange Programme (DDEP).
He explained that the crisis also affected local banks, which lost access to credit lines, limiting their ability to support businesses and the wider economy.
“Now we have restored it, and the country is now rated B,” he said. “We want to get to investment grade.”
An investment-grade rating indicates that a country is considered to have a lower risk of default. Achieving that status could make Ghana’s government bonds eligible for investment by a wider range of institutional investors, including funds restricted to higher-rated securities.
Dr Forson said attracting more investors could help the government secure loans at lower interest rates while creating better financing conditions for businesses.
A stronger sovereign credit rating could also support the development of Ghana’s corporate bond market, allowing companies to raise long-term funds directly from investors.
Businesses could use such financing to purchase equipment, expand production and undertake new projects without relying solely on bank loans.
“If we are able to get to investment grade, we would have laid the foundation for corporate bonds and others to take off,” the minister said.
He stressed that achieving the target would depend on maintaining economic stability and predictability, as well as demonstrating that the government has policies capable of sustaining the country’s economic gains.
