Professor Patrick Asuming, an economist has stated Ghana cannot enter the capital market as long as the country is under the IMF programme.
His comments come on the heels of Fitch Ratings upgrading Ghana’s Long-Term Foreign-Currency Issuer Default Rating (IDR) from Restricted Default to ‘B-’ with a Stable Outlook.
Fitch Ratings signals a growing international confidence in the country’s economic recovery efforts.
Ghana’s inflation, which dropped from 23% in 2024 to 18.4% as of May 2025 is noted to be one of the key drivers behind the improved rating.
This comes on the back of the Ghana cedi’s strong recovery, appreciating against major foreign currencies.
The Ministry of Finance and the Bank of Ghana have been credited by Fitch for their strength in sound macroeconomic management and coordinated policy measures.
Speaking on Citi Business News, Professor Asuming stated, “You cannot enter the capital market as long as we are in the IMF programme. We will not enter the capital market even if our credit rating goes up to AA.
That is what we are signed on to. We will not enter the market now, and in my view, we should not even be thinking of re-entering the market issuing new Eurobonds. The Eurobonds and this extensive external borrowing have been extremely problematic for the Ghanaian economy”.
He added, “We still have problems in the economy to fix. I think what we have done so far in 2025 is try to put government finances back in some order, but even with that, we are not completely out of the woods because the budget that has been announced for 2025, we cannot have that kind of budget again in 2026, 2027 or beyond.
So the sustainable tax reforms that will bring in revenue on a consistent basis that will ensure that we are in the position to service our debts and cut the deficit substantially on a sustainable basis, we haven’t done that yet,” Professor Patrick Asuming said.
Meanwhile, Dr. Cassiel Ato Forson, the Finance Minister has assured Ghanaians this is just the beginning as Fitch Ratings upgrades Ghana’s Long-Term Foreign-Currency Issuer Default Rating (IDR) from Restricted Default to ‘B-’ with a Stable Outlook.
Reacting to Fitch’s upgrade, Ato Forson on X stated, “I assure you—this is only the beginning.
We are unwavering in our resolve to fully revive the economy and deliver lasting relief and shared prosperity to you, the good people of Ghana”.
Fitch Ratings upgrade will facilitate Ghana’s re-entry into global capital markets.
See the post below:
I assure you—this is only the beginning.
We are unwavering in our resolve to fully revive the economy and deliver lasting relief and shared prosperity to you, the good people of Ghana. https://t.co/Ji8fbWHHuo.
— Cassiel Ato Forson (PhD) (@Cassielforson) June 16, 2025
