President John Mahama has attributed the Fitch Ratings upgrade of Ghana’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘B-minus’ with a stable outlook—from Restricted Default (RD)—to the prudent economic management embarked upon by the government.
Speaking at the opening of the 2025 Ghana-European Union Partnership Dialogue in Accra, President Mahama underscored that Ghana’s economic outlook was rebounding steadily, especially in the areas of macroeconomic recovery and fiscal governance.
The dialogue was attended by all 10 ambassadors of EU member countries resident in Ghana, along with over 10 Ghanaian Ministers of State.
President Mahama said the government remains committed to restoring macroeconomic stability through prudent fiscal management, enhanced domestic revenue mobilisation, and expenditure rationalisation.
He noted that, in partnership with the Bank of Ghana, the government is stabilising inflation, maintaining the cedi’s stability, and pursuing debt restructuring strategies to restore confidence and rebuild fiscal space for development.
These efforts, he said, are yielding results, as evidenced by the recent upgrade by the fixed-rate exchange agency, which raised Ghana’s credit outlook to B-minus with a stable outlook.
“We are also pursuing regulatory and institutional reforms that promote transparency, reduce inefficiencies, and expand our fiscal base,” he added.
President Mahama further expressed appreciation for the EU’s ongoing support in public financial management, domestic revenue reform, and anti-corruption—describing these as essential pillars for sustainable growth.
On private sector investment promotion, he emphasized that the government alone cannot lead Ghana’s transformation and reiterated that a thriving private sector is indispensable to the country’s development.
To this end, he said, the government is implementing a unified licensing regime to reduce regulatory bottlenecks and establishing a nationally structured public-private dialogue framework to ensure business voices are systematically incorporated into national policy.
He also highlighted the introduction of a Regulatory Impact Assessment (RIA) regime, marking a new phase in policymaking—anchoring decisions in data, ensuring predictability, and improving Ghana’s competitiveness in the global market.
“We therefore welcome EU businesses and investors to participate in this transformative journey, especially as we revise the Ghana Investment Promotion Centre Act to promote joint ventures and deeper technology transfer,” he said.
President Mahama stated that Ghana aims to become a regional hub for sustainable agribusiness, value addition, manufacturing, and digital innovation—areas where European expertise and capital are invaluable.
EU Ambassador to Ghana, Mr. Irchad Razaaly, reaffirmed the EU and Ghana’s shared commitment to effective multilateralism and a rules-based international order.
“I would like to acknowledge the constructive role that Ghana has played at the UN Security Council during its tenure and as a current member of the Human Rights Council,” he said.
“I would also like to acknowledge Ghana’s unwavering support for increasing territorial integrity and sovereignty in the face of irregular migration.”
Minister for Foreign Affairs, Mr. Samuel Okudzeto Ablakwa, added that cooperation on climate action and green growth must be accelerated to meet the ambitious targets set under the Paris Agreement and the UN Sustainable Development Goals.
He said Ghana’s strategic initiatives in renewable energy and environmental conservation are being bolstered by EU support and called for additional assistance to unlock climate and green funds, as well as financing from the carbon market, to enhance sustainable growth.
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