Fitch assigns ‘CCC+’ rating to Ghana’s new U.S. dollar bonds following eurobond restructuring

Fitch Ratings has assigned a ‘CCC+’ rating to Ghana’s new U.S. dollar bonds after the government’s successful Eurobond restructuring, which received 98.58% consent from bondholders.

Ghana's Long-Term Local-Currency Issuer Default Rating was also upgraded to ‘CCC+’ due to improved confidence in its domestic credit profile.

However, the Long-Term Foreign-Currency IDR remains at ‘RD’ due to ongoing defaults on external commercial debt.

The restructuring reduces Ghana's foreign currency debt burden, easing debt service payments by $3.5 billion from 2024-2026, while the country has reached a staff-level agreement with the IMF for an additional $360 million in funding.