Ghana’s credit rating upgraded to B- by Fitch, reflecting progress in economic reforms

The economic reform of Ghana has received a notable increase as international credit rating firm Fitch has upgraded the country’s Long-Term Foreign-Currency Issuer Default Rating (IDR) from ‘Restricted Default’ to ‘B-’ with a Positive Outlook.

The upgrade, revealed this week, is regarded as a significant validation of Ghana’s current financial management and debt control efforts, led by Dr. Cassiel Ato Forson, the Finance Minister.

Fitch pointed to as a key factors in the improved rating the effective reorganization of $13.1 billion in Eurobond debt, continued fiscal discipline and considerable progress in steadying the macroeconomic environment.

The agency also emphasized on the declining inflation rates, a strengthening Ghana cedi, and restoring inventor confidence as clear signs of economic turnaround. Following the announcement, Finance Minister, Dr. Ato Forson praised the upgrade as a major achievement  in Ghana’s recovery journey. He expressed that “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.”

Inflation, which increased to over 50% in early 2023, has since dropped sharply to 18.4% as of May 2025—its lowest level in more than three years. Fitch projects inflation will decline further to 15% by the end of 2025 and reach 10% in 2026. The Ghana cedi has also appreciated significantly since April, easing pressure on import costs and stabilising fuel prices.

Under Dr. Forson’s stewardship, Ghana’s fiscal deficit has narrowed substantially. Debt-to-GDP is projected to fall to 60% in 2025, down from a peak of 93% in 2022. Gross international reserves have risen to $6.8 billion, and the government is targeting a primary budget surplus by year-end.

Fitch additionally predicts a 4% growth in real GDP in 2025, boosted by agricultural growth, expansion in industry, and strong service industry results. Dr. Forson’s dedication to sound fiscal management and reform efforts have received recognition from global stakeholders and financial experts, a growing number of whom perceive Ghana’s economy as having clear progress to economic resilience and long-term growth.

The upgrade is anticipated to lay the groundwork for Ghana’s re-entry into global capital markets, decrease debt servicing costs, and capture the interest of fresh investment throughout strategic sectors. As Ghana rebuilds international investor confidence and bring back economic stability, the Finance Minister reiterated the government’s dedication to equitable economic expansion and safeguarding jobs.

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