Despite restructuring most of its debt, Fitch Ratings has hinted that Ghana will face significant liquidity pressures going into next year and 2026.
According to the UK-based firm, the interest rate revenue ratio would still be among the highest of Fitch’s rated sovereigns.
The interest rate revenue ratio is estimated at 29% in 2025 and 30% in 2026.
Thomas Garreau, Associate Director of Europe, Middle East, and Africa Sovereign Ratings at Fitch said the situation requires very drastic measures to improve the fiscal economy.
“We do consider that Ghana will still face significant liquidity pressures. We still have a very elevated interest rate revenue ratio. The interest rate will still be among one of the highest at approximately 30% – so almost twice the emerging markets rate of 16%”.
“This represent quite some significant liquid pressures. Ghana has implemented a large fiscal consolidation with a 4.6 percentage points primary fiscal adjustment between 2022 and 2024”, he added.
Fitch had indicated to move Ghana out of sovereign default from July 2025.
This follows its anticipation of the country completing the external debt restructuring by the end of June 2025.
