LocationsGhana Strengthens Capacity for Improved Credit Ratings and Sustainable Financing
April 30, 2026
Participants contributing to discussions during the Credit Ratings Workshop.
Government officials concluded a multi-day Credit Rating Support Initiative workshop in Ghana aimed at strengthening the country’s engagement with global credit rating agencies and improving access to sustainable financing.
Supported by the United Nations Development Programme (UNDP) with funding from the Government of Japan, the workshop brought together representatives from key institutions including the Ministry of Finance, Bank of Ghana, Ghana Statistical Service, Cocobod ,Securities and Exchange Commission, and other stakeholders to deepen understanding of sovereign credit ratings and strengthen institutional coordination.
The workshop comes at a critical time as African countries continue to navigate tightening global financing conditions and rising borrowing costs. Despite recent signs of macroeconomic recovery and improvements in Ghana’s sovereign outlook, high borrowing costs continue to place pressure on fiscal space and development financing.
Opening the workshop, Deputy Resident Representative of UNDP Ghana, Shaima Hussein, emphasized the importance of strengthening Ghana’s engagement with global credit rating agencies as part of broader efforts to support economic recovery and sustainable development.
“Strengthening Ghana’s credit profile is key to reducing borrowing costs and unlocking sustainable financing for development,” she noted.
Shaima Hussein, Deputy Resident Representative of UNDP Ghana, delivering opening remarks at the Credit Ratings Workshop.
Over the course of the workshop, participants explored how leading global credit rating agencies such as Fitch Ratings, Moody’s, and S&P Global Ratings assess countries, including the role of economic performance, governance, institutional strength, and investor perception in shaping sovereign credit outcomes.
Sessions also focused on practical areas such as data analysis, economic storytelling, investor communication, and coordination across institutions, all key elements in how countries position themselves in global capital markets. Participants also undertook shock modelling exercises, assessing how scenarios such as commodity price shocks and exchange-rate pressures could affect fiscal performance, external balances, and debt sustainability.
The workshop moved beyond technical discussions toward practical institutional action. Participants reviewed the Terms of Reference for establishing a joint inter-agency committee aimed at improving coordination and supporting Ghana’s medium-term ambition of achieving and sustaining an investment-grade credit rating.
Discussions also identified next steps to explore additional financing tools, including shadow credit ratings and new approaches to financing and debt management, as part of efforts to strengthen Ghana’s credit profile and expand financing options.
Regional perspectives were shared through the Africa Credit Ratings Initiative (ACRI), presented by El-Hadji Fall, Strategic Advisor, Regional Bureau for Africa. Discussions highlighted how stronger data systems, improved institutional coordination, and more effective engagement with markets can contribute to better financing outcomes across Africa.
El-Hadji Fall, Strategic Advisor, Regional Bureau for Africa, facilitating a session on the Africa Credit Ratings Initiative (ACRI).
Technical sessions led by Sophie-Aurore de Saint-Marcq, Managing Partner at Idvisory, underscored that credit ratings go beyond economic data and are also influenced by governance, institutional credibility, and how countries communicate reforms and economic progress to investors.
Sophie-Aurore de Saint-Marcq, Managing Partner at Idvisory, facilitating a technical session.
The workshop forms part of UNDP’s broader support to African countries through the Africa Credit Ratings Initiative, established in response to tightening global financing conditions and rising borrowing costs across the continent. The initiative seeks to strengthen national capacity to engage credit rating agencies more effectively, improve data preparedness, and support sustainable financing pathways across Africa.
With support from the Government of Japan, UNDP will continue to work with partners in Ghana to strengthen investor confidence, improve engagement with global markets, and unlock sustainable financing for development.
A group photo of participants alongside facilitators and UNDP Ghana representatives at the Credit Ratings Workshop.