Finance Minister Dr. Cassiel Ato Forson says he expects international credit rating agencies, Moody’s and Standard & Poor’s (S&P), to soon upgrade Ghana’s sovereign credit rating from its current B- status, citing steady economic improvements under the Mahama-led administration.
Presenting the 2025 Mid-Year Budget Review in Parliament on Thursday, July 24, Dr. Forson pointed to the country’s recent economic progress as justification for a better rating.
“This is just the beginning,” he said. “We are determined to do better than B-. Ghana deserves better than B-.”
His comments follow a June 16, 2025, announcement by Fitch Ratings, which upgraded Ghana’s long-term foreign currency issuer rating from ‘Restricted Default’ to B- with a stable outlook.
Fitch attributed the upgrade to a stronger cedi, declining debt levels, increased foreign reserves, and robust nominal GDP growth.
Dr. Forson expressed confidence that Moody’s and S&P would follow Fitch’s lead, given the positive trajectory of Ghana’s economy.
“It is expected that other rating agencies, namely Moody’s and S&P, will follow suit, given the remarkable progress we are making toward economic stability and growth,” he told Parliament.
The Finance Minister also highlighted the government’s commitment to fiscal discipline through the implementation of prudent policies aimed at sustainability.
He emphasized the importance of strengthening domestic revenue systems and broadening the tax base without placing additional burdens on citizens.
Dr. Forson further noted ongoing structural reforms in public financial management, particularly efforts to improve transparency and accountability.
He added that the government plans to diversify the economy by investing in sectors beyond traditional exports to reduce the country’s vulnerability to global commodity price shocks.
“These actions are not just about numbers. They are about building a resilient economy that works for every Ghanaian,” he stated.
Source: Adomonline
READ ALSO:
