Finance Minister Dr. Cassiel Ato Forson has welcomed Fitch Ratings’ decision to upgrade Ghana’s Long-Term Foreign-Currency Issuer Default Rating from ‘Restricted Default’ to ‘B-’ with a Stable Outlook.
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Dr. Forson described the upgrade as a strong signal of renewed investor confidence and a clear endorsement of Ghana’s economic path.
“I assure you, this is only the beginning,” Forson wrote on his official X (formerly Twitter) page. “We are unwavering in our resolve to revive the economy and deliver lasting relief and shared prosperity to you, the good people of Ghana.”
Why Fitch Upgraded Ghana’s Rating
Fitch cited several key developments for the upgrade:
- Successful restructuring of $13.1 billion in Eurobond debt
- Ongoing fiscal consolidation and economic reforms
- Declining inflation, a stronger cedi, and improved investor sentiment
As of May 2025, inflation had dropped to 18.4%, the lowest in over three years, down from a peak of over 50% in early 2023. Fitch projects inflation to reach 15% by end-2025, and 10% in 2026.
The Ghana cedi has also appreciated steadily since April, reducing import costs and helping stabilize fuel prices.
Progress on Fiscal and Debt Targets
Under Forson’s leadership, the fiscal deficit has narrowed, and public debt is projected to drop to 60% of GDP by the end of 2025, down from 93% in 2022. The country’s gross international reserves have increased to US$6.8 billion, and the government is targeting a primary budget surplus by year-end.
Outlook for Growth
Fitch forecasts 4% real GDP growth in 2025, driven by a recovery in agriculture, growth in industry, and strong performance in the services sector. Development partners and market analysts have praised the Finance Ministry’s commitment to structural reforms and prudent financial management.
As Ghana works to restore macroeconomic stability and rebuild international trust, Dr. Forson reiterated the government’s focus on inclusive development and protecting livelihoods.
