Fitch Ratings has cautioned that Ghana will face significant liquidity challenges in the coming year and through 2026, despite its efforts to restructure most of its debt.

The UK-based agency pointed out that Ghana's interest rate-to-revenue ratio will remain one of the highest among the sovereigns it rates.

The ratio is expected to reach 29% in 2025 and 30% in 2026.

Thomas Garreau, Associate Director of Sovereign Ratings for Europe, the Middle East, and Africa at Fitch, emphasized that the country must take drastic actions to improve its fiscal economy.

“We do consider that Ghana will still face significant liquidity pressures. We still have a very elevated interest rate-to-revenue ratio. The interest rate will still be among the highest, at approximately 30%—almost twice the emerging markets rate of 16%.”

“These represent quite significant liquidity pressures. Ghana has implemented a large fiscal consolidation with a 4.6 percentage-point primary fiscal adjustment between 2022 and 2024,” he added.

Fitch has projected that Ghana will exit sovereign default by July 2025, anticipating the completion of the country’s external debt restructuring by the end of June 2025.