Economist Professor Patrick Asuming has cautioned against Ghana’s immediate return to the international capital market to issue Eurobonds despite Fitch’s recent credit rating upgrade.
Fitch upgraded Ghana’s credit rating to ‘B-’ with a stable outlook, signaling improved investor confidence.
However, in an interview with Citi Business News, Professor Asuming said the upgrade reflects shifting market sentiment but should not prompt hasty external borrowing.
He stressed the need for continued economic reforms, especially under the ongoing IMF program, to restore long-term stability.
“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.
“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 reacting to Fitch upgrade of Ghana’s credit rating, Finance Minister Dr. Cassiel Ato Forson described the upgrade as a significant milestone and indicated that reflects government unwavering resolve to fully revive the economy and deliver lasting relief and shared prosperity for Ghanaians.
Governor of the Bank of Ghana, Dr. Johnson Asiama, also speaking at the “Banking the Last Mile” event hosted by the Ghana Association of Banks and Absa Bank Ghana, also welcomed the latest credit rating upgrade by Fitch Ratings as a clear indication of Ghana’s improving macroeconomic fundamentals and external sector performance.
