Ghana Targets Investment Grade Credit Rating in Three Years, Says Finance Minister
By Aboki Forex —
Ghana’s President John Dramani Mahama and Finance Minister Cassiel Ato Forson have told investors in London that the country’s debt is “mispriced” and that restructuring tools need to be faster and fairer.
Speaking at an investor conference, Mahama said debt restructuring mechanisms must become faster, fairer and more inclusive. Ghana recently restructured its debt under the G20 Common Framework, a process many have criticised as too slow.
Mahama called for debt reform that supports development and stressed that Africa needs climate finance. He urged Britain to shift its relationship with the continent from aid to enterprise, innovation and investment.
“Africa is not a risk to be managed. Africa is an opportunity to be seized,” Mahama said.
Finance Minister Forson said Ghana should reach investment grade status within three years. Major rating agencies currently place the country several notches below that, in sub-investment or junk territory.
Ghana’s economy is recovering after a 2022 debt default that forced the government to restructure both external and domestic debt. The country is a major producer of gold, oil and cocoa.
Forson also noted a surge in state-owned enterprise activity, though details were not immediately provided.