Ghana — Sovereign Signal
BT-SFS 28.7/100 · B− · 307bps over Treasuries
Score and market snapshot
Ghana trades 34bps tight of its fundamentals fit (fitted spread 341bps).
| Field | Value |
|---|---|
| BT-SFS | 28.7 / 100 |
| Rank | 42 of 51 |
| Composite rating | B− |
| Agency ratings | Moody's Caa1 · S&P B- · Fitch B |
| Benchmark USD bond | GHANA 5 35 |
| Spread over Treasuries | 307bps |
| Yield to worst (S.A.) | 8.13% |
| Duration | 4.8y |
Pillar scores
| Pillar | Score (0-100) |
|---|---|
| Fiscal | 50.0 |
| External | 0.0 |
| Macro | 52.7 |
| Institutions | 50.5 |
The ten metrics behind the score
| Metric | Pillar | Raw value | Score | Source | Year |
|---|---|---|---|---|---|
| Reserves, months of imports | External | 1.6 mo | 0.0 | World Bank | 2024 |
| General government debt / GDP | Fiscal | 53.0% | 42.6 | IMF | 2026 |
| FX public debt / GDP | Fiscal | 27.7% | 53.9 | IMF staff report / Eurostat | 2025–2026 |
| Net interest / revenue | Fiscal | 22.2% | 34.4 | IMF | 2026 |
| Primary balance / GDP | Fiscal | 1.5% | 71.5 | IMF | 2026 |
| Governance (WGI GE + RQ) | Institutions | 53.7 | 46.5 | WGI | 2025 |
| Inflation track record | Institutions | 15.6% | 56.5 | IMF | 1997–2026 (h=10) |
| Real GDP growth, centred 3-year | Macro | 5.2% | 72.9 | IMF | 2025–2027 |
| GDP per capita, USD | Macro | $3,314 | 30.7 | IMF | 2026 |
| Growth volatility, 10-year | Macro | 2.1pp | 68.7 | IMF | 2016–2025 |
Score history
Applying the current methodology to historical sources, Ghana moves from 32.3 in 2016 to 28.7 in 2026 (-3.6 points over ten years).
Default and restructuring registry
2022: external_restructuring (high) — Ghana Ministry of Finance press release (19 Dec 2022).
2022: domestic_distressed_exchange (other) — Ghana Ministry of Finance press release (24 Feb 2023).
Frequently asked questions
What is Ghana's sovereign credit score?
Ghana scores 28.7/100 on the BT Sovereign Fundamentals Score, ranking 42 of 51 sovereigns covered. The score is built from ten public IMF and World Bank metrics across fiscal, external, macro, and institutions pillars.
Which Ghana USD bond does BondTerminal track?
GHANA 5 35 (ISIN XS2893151287), the near-5-year USD benchmark, currently 307bps over Treasuries with a 8.13% yield to worst (S.A.).
Is Ghana trading wide or tight of its fundamentals?
Ghana trades 34bps tight of its fundamentals fit (fitted spread 341bps).