Finance Minister Dr. Cassiel Ato Forson will unveil "The New Economy" during this week's budget presentation, setting out a four-year economic roadmap aimed at securing an investment-grade rating for Ghana to cut public borrowing costs and unlock long-term capital for local businesses.
Speaking ahead of the parliamentary presentation at a New Economy stakeholder engagement in Accra, Dr. Forson recalled how Ghana's domestic bond market ground to a halt in 2022 after the debt default and subsequent Domestic Debt Exchange Programme, which cut off local banks from global credit lines.
"Now we have restored it and the country is now rated B," he said. "We want to get to investment grade."
Moving into investment-grade territory would signal lower default risk to global capital markets.
That upgrade would allow Ghana's government bonds to enter portfolios held by large institutional investors that are legally prohibited from buying sub-investment grade debt, broadening the investor base and lowering interest rates for state borrowing.
Unlocking Capital for Businesses
The benefits of the four-year plan are also structured to reach the domestic private sector.
Dr. Forson explained that a stronger sovereign credit standing would deepen Ghana's corporate bond market, giving local companies better access to long-term funding to buy heavy machinery, expand factories, and launch new commercial projects.
"If we are able to get to investment grade, we would have laid the foundation for corporate bonds and others to take off," Dr. Forson said.
He stressed that hitting the target will require government to maintain economic stability, ensure policy predictability, and prove during this week's budget presentation that the country has built a durable structure to protect recent gains.
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