Fitch
Rating agency, Fitch, has affirmed Ghana's Long-Term Foreign-Currency (LTFC) Issuer Default Rating (IDR) at 'RD' and Long-Term Local-Currency (LTLC) Issuer Default Rating (IDR) at 'CCC'.
It typically does not assign Outlooks to sovereigns with a rating of 'CCC+' or below.
The affirmation of the LTFC IDR at 'RD' reflects that Ghana is still defaulting on its outstanding Eurobonds following the expiration of the grace period for a missed coupon payment in February 2023. The rating agency however said Ghana has since made progress in its Common Framework restructuring process.
“An agreement on the main terms of the official bilateral debt treatment with the official creditor committee was reached in January 2024 and the memorandum of understanding that formalises these terms as well as non-financial terms, was finalised in June 2024”, it stated.
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