Ghana’s economic reform drive has received a major boost as global credit ratings agency Fitch has upgraded the country’s Long-Term Foreign-Currency Issuer Default Rating (IDR) from ‘Restricted Default’ to ‘B-’ with a Stable Outlook.
The upgrade, announced this week, is seen as a strong endorsement of Ghana’s recent fiscal and debt management efforts, led by Finance Minister, Dr. Cassiel Ato Forson.
Fitch attributed the improved rating to the successful restructuring of $13.1 billion in Eurobond debt, sustained fiscal consolidation, and notable progress in stabilising the macroeconomic environment. The agency also pointed to falling inflation, a strengthening Ghana cedi, and recovering investor confidence as clear signs of economic turnaround.
Reacting to the news, Finance Minister, Dr. Ato Forson hailed the upgrade as a key milestone in Ghana’s recovery 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” he said.
Inflation, which soared 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 also forecasts a 4% growth in real GDP in 2025, driven by recovery in agriculture, expansion in industry, and strong performance in services.
Dr. Forson’s strong focus on fiscal discipline and structural reform has earned commendation from international partners and market analysts, many of whom now view Ghana’s economy as being on a clear path to stability and sustainable growth.
The upgrade is expected to pave the way for Ghana’s re-entry into global capital markets, reduce borrowing costs, and attract fresh investment across key sectors.
As Ghana rebuilds global investor confidence and restores economic stability, the Finance Minister reaffirmed the government’s commitment to inclusive growth and protecting livelihoods.
