Ghana faces numerous debt risks. On August 5, 2022, S&P Global Ratings published a note that lowers Ghana's ratings. This note focuses on Ghana as an issuer of international and local debts. This suggests that there are now “very high” repayment risks.

According to the agency, the government of ECOWAS's second-largest economy has made unsuccessful efforts to reduce the budget deficit position. As a result, there are concerns among experts regarding the repayment of external debt and at the international level. They therefore inform that: “the pandemic and the Russia-Ukraine war have amplified Ghana's fiscal and external imbalances. Capital outflows by non-residents into the local government bond market, lack of access to the Eurobond markets, purchases of dollars by individuals, dividend payments to foreign investors, and more expensive imports of refin& petroleum products These, have driven up demand for currencies, resulting in one of the lowest levels of foreign exchange reserves since the fourth quarter of last year.”