Professor Asuming Warns Against Eurobond Rush Despite Fitch Upgrade
Economist Prof. Patrick Asuming cautions Ghana against rushing back to Eurobond markets after Fitch’s credit rating upgrade, urging reforms and sustainable revenue strategies instead.
Economist and senior lecturer at the University of Ghana Business School, Professor Patrick Asuming, has urged the government not to rush into the international capital market to issue new Eurobonds, despite Ghana’s recent credit rating upgrade by Fitch Ratings.
Fitch upgraded Ghana’s sovereign credit rating to ‘B-’ with a stable outlook, citing improved macroeconomic indicators and restored investor confidence. But Prof. Asuming believes this should not be seen as a license to accumulate new external debt.
“We will not enter the capital market even if our credit rating goes up to AA. That is what we are signed on to under the IMF programme,” he told Citi Business News.
“In my view, we should not even be thinking of issuing new Eurobonds now.”
Eurobond Dependence and Debt Challenges
Prof. Asuming emphasized that Ghana’s historical dependence on Eurobonds and external loans has deepened its debt crisis. He advocates a shift towards sustainable domestic reforms to consolidate economic recovery.
“We still have problems in the economy to fix. What we’ve done in 2025 is begin to restore order to public finances. But even with that, the current budget cannot be sustained in 2026 or beyond,” he warned.
He called on the government to prioritise tax reforms and revenue mobilisation as the foundation for long-term fiscal stability.
Government Hails Credit Upgrade
In contrast, Finance Minister Dr. Cassiel Ato Forson described the Fitch rating upgrade as a “significant milestone”, reflecting Ghana’s economic recovery progress.
“The upgrade reflects our unwavering resolve to fully revive the economy and deliver lasting relief and shared prosperity for Ghanaians,” Dr. Forson said.
Similarly, Bank of Ghana Governor Dr. Johnson Asiama highlighted the positive signal the upgrade sends about Ghana’s macroeconomic fundamentals.
Reform First, Borrow Later
Prof. Asuming’s caution aligns with the views of other policy experts who argue that structural economic reforms, not external borrowing, should drive Ghana’s recovery.
“The rating is a signal, yes, but the real work of economic transformation is still ahead of us,” he concluded.
As Ghana navigates its recovery path, the debate over balancing optimism with prudence remains central to the country’s economic future.
