Fitch Ratings has upgraded Ghana’s Long-Term Foreign-Currency Issuer Default Rating (IDR) from Restricted Default to B-, assigning a Stable Outlook. The move signals renewed international confidence in Ghana’s economic recovery.
Also Read
This upgrade follows significant progress in Ghana’s fiscal consolidation and external debt restructuring. A key achievement includes the successful reorganization of $13.1 billion in Eurobond liabilities. Negotiations with the remaining external creditors are nearly complete.
Fitch noted that Ghana has re-engaged with most commercial creditors and is on track to complete the full debt restructuring process by the end of 2025.
The rating also reflects Ghana’s declining inflation rate, which fell from 23% in 2024 to 18.4% in May 2025. Fitch expects inflation to average 15% this year and drop to 10% by 2026. This forecast is driven by tighter monetary policy, fiscal discipline, and a more stable cedi.
The local currency has appreciated against major international currencies, helping reduce the cost of imported goods and fuel. Fitch praised the coordinated efforts of the Ministry of Finance and the Bank of Ghana for steering macroeconomic recovery.
According to the agency, the upgraded rating should boost investor confidence and may open doors for Ghana to re-enter global capital markets in the medium term.
Read also: Ato Forson hails Fitch Ratings boost for Ghana – Awake News
