The United Nations Development Programme (UNDP) has underscored the need for government officials and stakeholders to fully understand the methodologies involved in credit ratings.

This is because credit rating agencies rely heavily on data and the accurate representation of key economic indicators.

The Head of Inclusive Growth and Accountable Governance at the UNDP, Dr Edward Ampratwum, revealed that Ghana faces a financing gap of between $60 billion and $70 billion to achieve the Sustainable Development Goals (SDGs) by 2030.

S&P upgrades Ghana's credit rating from Selective Default to CCC+

He stressed that bridging this gap requires a comprehensive and integrated approach to mobilising resources from both the public and private sectors, “domestically and internationally.”

Speaking to the media on the sidelines of a national workshop on Sovereign Credit Ratings and Development organized by UNDP on September 11, 2025, Dr Ampratwum explained, “The whole idea is to bring stakeholders who are very seasoned within the space of credit ratings, particularly the Bank of Ghana, Ministry of Finance, institutions like GNPC, GIPC, GoldBod, among others, into a space where we build the technical skills and capacities of these stakeholders who are responsible for telling Ghana's story in the credit ratings.”

The UNDP emphasised that training on credit ratings is crucial to understanding how ratings work, the methodologies involved, and the importance of fully grasping their implications.

Ghana's credit ratings significantly influence how global markets perceive the country’s creditworthiness and determine borrowing costs. A stronger credit rating is critical for Ghana to regain access to capital markets at affordable rates, thereby securing financing for its development priorities.

Dr Ampratwum added, “We’re trying to help African governments, particularly Ghana and all those who are part of this initiative, to reclaim the space around credit ratings and also be able to play an active role in charting pathways to credit rate their countries.”

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SSD/MA