Ghana's Credit Rating Update: Fitch Affirms 'Restrictive Default' Status
Saturday, 3 August 2024, 06:37
Fitch Updates Ghana's Credit Rating
Fitch Ratings has affirmed Ghana's Long-Term Foreign-Currency Issuer Default Rating (LTFC IDR) at 'Restrictive Default' (RD). This status reflects ongoing financial challenges as Ghana continues to default on its outstanding Eurobonds.
Current Situation of Eurobonds
The default status became apparent following the expiration of the grace period for a missed coupon payment in February 2023. Despite these difficulties,
- Ghana has shown progress in its Common Framework restructuring process.
- While the credit rating remains at RD, government efforts focus on stabilizing the economy.
This situation underscores the challenges Ghana faces as it attempts to manage its debt effectively while pursuing necessary reforms.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.