Fitch Upgrades Ghana’s Credit Rating to ‘B-’ in Major Boost to Economic Recovery Drive
Accra, June 17, 2025 — Ghana’s economy has received a strong vote of confidence from global ratings agency Fitch, which has upgraded the country’s Long-Term Foreign-Currency Issuer Default Rating (IDR) from ‘Restricted Default’ to ‘B-’ with a Stable Outlook.
The upgrade follows significant progress in debt restructuring, fiscal discipline, and macroeconomic stability under the leadership of Finance Minister Dr. Cassiel Ato Forson.
In its report, Fitch highlighted three key drivers behind the upgrade:
- Successful restructuring of $13.1 billion in Eurobond debt;
- Steady fiscal consolidation and narrowing of the deficit;
- An improved macroeconomic outlook, marked by falling inflation and a strengthening Ghana cedi.
Reacting on social media platform X, Dr. Forson hailed the move as “a significant milestone” in Ghana’s economic journey:
“I assure you—this is only the beginning. We are unwavering in our resolve to fully revive the economy and deliver lasting relief and shared prosperity to you, the good people of Ghana.”
Key Economic Gains Highlighted in the Report
- Inflation: Dropped sharply from over 50% in early 2023 to 18.4% in May 2025. Fitch projects further decline to 15% by end of 2025 and 10% in 2026.
- Currency Strength: The Ghana cedi has appreciated significantly since April, helping to stabilise fuel prices and reduce import costs.
- Debt Levels: Expected to fall to 60% of GDP in 2025, from 93% in 2022.
- Foreign Reserves: Rose to $6.8 billion, supporting external payments and confidence.
- Fiscal Balance: Ghana is targeting a primary budget surplus by the end of 2025.
GDP and Investment Outlook
Fitch also forecasted real GDP growth of 4% in 2025, driven by:
- Agricultural recovery,
- Industrial expansion, and
- Strong growth in the services sector.
Analysts say the credit rating upgrade will boost investor confidence, reduce borrowing costs, and aid Ghana’s re-entry into international capital markets.
Dr. Forson’s leadership has won acclaim from development partners and economists alike, with many noting his commitment to fiscal discipline, structural reforms, and inclusive growth.
As Ghana continues to build back confidence and improve livelihoods, the government says it remains focused on delivering long-term economic transformation for all citizens.
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