Global credit rating agency Fitch Ratings has upgraded Ghana’s Long-Term Foreign-Currency Issuer Default Rating (IDR) from ‘Restricted Default’ to ‘B-’ with a Stable Outlook, signalling renewed investor confidence in the country’s economic recovery under Finance Minister Dr. Cassiel Ato Forson.
The upgrade reflects Ghana’s significant progress in restructuring $13.1 billion of Eurobond debt and ongoing efforts to finalize the remaining external debt arrangements, with Fitch expecting the full restructuring to be completed by the end of 2025.
The agency highlighted improved macroeconomic indicators, including a sharp decline in inflation from 23% in 2024 to 18.4% in May 2025—the lowest in over three years—and a strengthening Ghanaian cedi, which has helped stabilize prices and ease import costs.
Under Dr. Forson’s leadership, Ghana has pursued bold fiscal consolidation and debt management strategies, resulting in a projected fall in the public debt-to-GDP ratio from 93% in 2022 to 60% by 2025. Other positive indicators include a narrowing fiscal deficit, rising international reserves now at $6.8 billion, and solid GDP growth of 5.7% in 2024 with a forecast of 4% in 2025.
Reacting to the upgrade on his official X page, Dr. Forson described it as “a significant milestone and a vote of confidence in Ghana’s future,” emphasizing that “this is only the beginning” of a broader economic resurgence contingent on sustained and deepened policy efforts.
He reaffirmed the government’s commitment to fully revive the economy and deliver lasting relief and shared prosperity to the people of Ghana.
The Fitch upgrade follows a similar recent rating increase by S&P Global Ratings and is expected to enhance Ghana’s attractiveness to foreign investors, support the reopening of domestic capital markets, and ease fiscal pressures as the country continues on its path to economic stability and growth.