S&P Flags Weak Institutions and High Debt Service as Ghana Rating Constraints

S&P Global has identified weak institutional arrangements and high debt servicing costs as the primary constraints on Ghana's sovereign credit rating. The agency projects that interest payments will average approximately 20% of government revenue over the next four years, limiting the fiscal space available for public investment. S&P separately flags the fiscal cost of Ghana's strategy of accumulating foreign reserves and gold as an additional macro burden.