Ghana vs Zambia
Two sovereigns, nine shared metrics, one spread gap.
Head to head
| Ghana | Zambia | |
|---|---|---|
| BT-SFS score | 45.0 | 25.0 |
| Composite rating | B− | CCC+ |
| Fiscal pillar | 56.5 | 36.1 |
| External pillar | 43.4 | 43.1 |
| Macro pillar | 69.7 | 58.3 |
| Institutions pillar | 68.8 | 22.9 |
| Benchmark bond | GHANA 5 35 | ZAMBIN 5.75 33 |
| Spread over Treasuries | 303 bps | 230 bps |
| Yield to worst | 7.18% | 6.45% |
| Duration | 5.1y | 2.5y |
Metric by metric
| Metric | Ghana | Zambia |
|---|---|---|
| Current account / GDP | 10.1% (97.9) | 0.9% (70.8) |
| International reserves, months of imports | 1.6 mo (2.2) | 3.3 mo (22.2) |
| General government debt / GDP | 53.0% (66.7) | 86.0% (18.8) |
| Interest expense / revenue | 22.2% (25.0) | 25.5% (16.7) |
| Primary balance / GDP | 1.5% (81.3) | 1.4% (79.2) |
| WGI institutional composite | -0.03 (68.8) | -0.52 (22.9) |
| Real GDP growth | 4.8% (89.6) | 4.3% (81.3) |
| GDP per capita, USD | $3,314 (14.6) | $1,831 (6.3) |
| Inflation stress | 5.8% (96.0) | 9.0% (80.0) |
Frequently asked questions
Who has stronger fundamentals, Ghana or Zambia?
Ghana scores higher on the BT Sovereign Fundamentals Score: 45.0 (Ghana) vs 25.0 (Zambia), a gap of 20.0 points.
Whose USD bonds trade wider, Ghana or Zambia?
Ghana trades wider: 303 bps (Ghana) vs 230 bps (Zambia) over US Treasuries — a 73 bps gap on near-5-year USD benchmarks.
Related
- Ghana — full Ghana profile: pillars, metrics, history.
- Zambia — full Zambia profile: pillars, metrics, history.
- All sovereigns ranked on the Sovereign Signal hub.
- BT-SFS methodology paper — how the scores are built.