In a significant vote of confidence in Ghana’s economic recovery efforts, global credit rating agency Fitch Ratings has upgraded the country’s Long-Term Foreign-Currency Issuer Default Rating (IDR) from ‘Restricted Default’ to ‘B-’ with a Stable Outlook.
This marks Ghana’s first upgrade since the debt restructuring process began and is widely seen as a reflection of sound economic leadership under Finance Minister Dr. Cassiel Ato Forson.
The upgrade follows Ghana’s successful restructuring of $13.1 billion in Eurobond debt and steady progress toward completing the remaining external debt arrangements. Fitch highlighted the government’s decisive fiscal measures, prudent debt management, and the restoration of relations with commercial creditors as key drivers of the improved rating.
Since assuming office, Finance Minister Dr. Cassiel Ato Forson has led a bold fiscal and economic programme aimed at restoring stability and credibility to the Ghanaian economy.
Under his leadership, the government has embarked on a comprehensive debt restructuring exercise, implemented tough fiscal consolidation measures, and prioritised rebuilding investor confidence.
Fitch’s report pointed to Ghana’s rapidly improving macroeconomic indicators, including a projected decline in inflation from 23% in 2024 to 15% in 2025 and further to 10% in 2026.
The recent sharp appreciation of the cedi, driven by increased foreign exchange inflows and policy reforms, has played a crucial role in stabilising prices and reducing external vulnerabilities.
This outcome follows deliberate policy interventions led by the Ministry of Finance to strengthen foreign reserves and manage liquidity pressures.
Public debt, which peaked at 93% of GDP in 2022, is forecast to fall to 60% by the end of 2025 — a remarkable turnaround achieved through a combination of debt restructuring, exchange rate gains, nominal GDP growth, and disciplined fiscal management. The successful drop in T-bill yields in recent months has also eased domestic liquidity risks and reduced debt servicing costs.
Resilient GDP growth has been maintained throughout the restructuring process, with the economy growing by 5.7% in 2024. Projections remain strong at 4% for 2025 and 4.5% for 2026, underpinned by a recovery in agriculture and steady expansion in the industrial and services sectors — all supported by the economic stabilisation measures rolled out by Dr. Ato Forson.
The Fitch upgrade sends a clear message to investors, markets, and development partners about the positive trajectory of Ghana’s economy under the current financial leadership. The report emphasised the importance of sustained policy discipline, continued reserve accumulation, and inflation management — areas where the Finance Minister’s strategic focus has already begun yielding results.
As Ghana builds on these gains, the development is seen as a strong endorsement of the government’s recovery plan and a testament to the effective stewardship of Dr. Cassiel Ato Forson in navigating the country through a difficult but necessary economic adjustment process.
With international reserves rebounding, inflation trending downwards, and fiscal indicators improving, Ghana’s economic outlook is steadily brightening — a direct reflection of prudent financial governance and decisive leadership at the Ministry of Finance.