Ghana’s economic reform efforts have received a major boost as global ratings agency Fitch upgraded the country’s Long-Term Foreign-Currency Issuer Default Rating (IDR) from ‘Restricted Default’ to ‘B-’ with a Stable Outlook.
The upgrade is a clear endorsement of the decisive fiscal and debt management measures led by Finance Minister Dr. Cassiel Ato Forson.
Fitch credited the upgrade to Ghana’s successful restructuring of $13.1 billion in Eurobond debt, steady fiscal consolidation, and the country’s improving macroeconomic outlook. The agency also highlighted falling inflation, a strengthening cedi, and a rebound in investor confidence as key indicators of Ghana’s economic turnaround.
Reacting to the development on his X page, Finance Minister Dr. Cassiel Ato Forson described the upgrade as a significant milestone and a vote of confidence in Ghana’s future:
The Fitch report also forecasts real GDP growth of 4% in 2025, supported by a recovery in agriculture, expansion in industry, and strong performance in the services sector.
As Ghana rebuilds international confidence and restores macroeconomic stability, Dr. Forson says the government remains committed to protecting the livelihoods of Ghanaians and ensuring inclusive growth.
The rating upgrade is expected to facilitate Ghana’s re-entry into global capital markets, ease borrowing costs, and attract renewed investment across key sectors.