S&P Global, an international credit rating agency, has praised Ghana’s economy for demonstrating resilience amid the ongoing global economic downturn occasioned by the Middle East war.
 
It said although business confidence softened in April, as indicated by a decline in the Purchasing Managers’ Index (PMI) to 50.3 from 51.4, Ghana’s economy expanded by 6.7 per cent in the first half of 2026, supported by a robust services sector and a recovery in oil and gas production.
 
The rating agency gave the commendation in a recent report published on its website.
 
S&P Global said strong gold production continued to support disposable incomes of small-scale miners, thereby underpinning strong domestic demand.
 
It noted that the Information and Communications Technology (ICT) sector recorded year-on-year growth of nearly 31 per cent in the second quarter and contributed more than 40 per cent to overall GDP growth.
 
The Bank of Ghana’s Composite Index of Economic Activity rose by 13.4 per cent year-on-year in May 2026, following a 12.6 per cent expansion in March, supported by strength in trade, tourism and industrial production.
 
According to S&P Global, those improvements demonstrated an improvement in domestic and external investor sentiments, supported by lower exchange rate volatility and the finalisation of the comprehensive debt restructuring programme.
 
Sharing insights on Ghana’s fiscal position, the rating agency cited the fiscal rules and tighter enforcement of procurement oversight implemented over the past 18 months.
 
It said those measures should help Ghana strengthen its fiscal position and improve the management of public finances.
 
The rating agency noted that Ghana had historically struggled to maintain fiscal prudence through political and economic cycles, saying: “It has participated in 18 IMF programmes and, in the mid-2000s, benefited from debt relief of nearly US$7.5 billion through the Highly Indebted Poor Countries initiative and the Multilateral Debt Relief initiative .”
 
The agency also noted a significant improvement in Ghana’s external position because of its success in capitalising on high gold prices and formalising small-scale mining production.
 
The report said those developments helped to boost the country’s current account to a record surplus of 7.8 per cent of GDP in 2025.
 
However, it noted that Ghana’s susceptibility to terms-of-trade shocks was rising because gold exports now accounted for more than 60 per cent of export receipts.
 
“Cocoa accounts for nearly 13 per cent of total exports, while crude oil contributes close to nine per cent,” it said.
 
“Together, these three commodities account for more than 55 per cent of total current account receipts.”