A Senior Economist at the United Nations Development Programme (UNDP), Jacob Assa, has described Ghana’s current post-default phase as a “critical opportunity” to reshape global perceptions of its economy.
According to him, while countries with long-standing credit ratings often experience little movement over time, the period immediately following default offers the best chance to rebuild investor confidence.
He made the remarks on the sidelines of the National Workshop on Sovereign Credit Rating in Tema on September 11, 2025.
“Even if the rating is very low, this is the opportunity to prepare better, to train better, to share more information among the ministries and coordinate,” he explained.
Assa noted that improved coordination and stronger communication with rating agencies could help Ghana secure more favourable ratings during assessment missions.
He emphasised that the ultimate goal of higher ratings is not just prestige but access to cheaper financing, which can free up more resources for development.
Ghana, he observed, is already making progress through declining inflation, debt restructuring that is restoring investor confidence, and solid export revenues.
He encouraged Ghana to prioritise food and energy sovereignty to shield the economy from external shocks such as the COVID-19 pandemic and the war in Ukraine.
“When you have to import food and energy, prices go up elsewhere in the world for no fault of your own. That feeds into domestic inflation,” he cautioned.
The UNDP economist further called for economic diversification and the strengthening of domestic financial markets.
By borrowing more from within the country and building local trust, he argued, Ghana can encourage long-term investment and reduce reliance on external borrowing.
“This is the moment for Ghana to tell a stronger story about its economy,” Assa concluded.
“If done right, the benefits will be more than just improved ratings, they will translate into sustainable growth and development,” he added.
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