Finance Minister Dr Cassiel Ato Forson has welcomed Fitch Ratings’ decision to upgrade Ghana’s Long-Term Foreign-Currency Issuer Default Rating (IDR) from ‘Restricted Default’ to ‘B-’ with a Stable Outlook, describing it as a clear sign of renewed confidence in the country’s economic direction.

The international ratings agency attributed the upgrade to Ghana’s successful restructuring of US$13.1 billion in Eurobond debt, ongoing fiscal consolidation efforts, and an improving macroeconomic landscape.

Notably, Fitch highlighted the steady decline in inflation, appreciation of the Ghanaian cedi, and a resurgence in investor confidence as key indicators of the nation's economic turnaround.

Reacting to the announcement on his official X (formerly Twitter) page, Dr Forson stated:

“I assure you—this is only the beginning. We are unwavering in our resolve to fully revive the economy and deliver lasting relief and shared prosperity to you, the good people of Ghana.”

The latest figures show inflation has dropped significantly, from a peak of over 50% in early 2023 to 18.4% as of May 2025 — the lowest level in more than three years. Fitch projects that inflation will continue to decline, falling to 15% by the end of 2025 and reaching 10% in 2026.

Additionally, the cedi has strengthened notably since April, easing import-related costs and stabilising fuel prices.

Ghana’s fiscal deficit has also narrowed considerably under Dr Forson’s stewardship, and public debt is expected to fall to 60% of GDP by 2025, down from 93% in 2022.

Gross international reserves have risen to US$6.8 billion, and the government is aiming to achieve a primary budget surplus before the end of the year.

Fitch’s report anticipates real GDP growth of 4% in 2025, underpinned by a rebound in agriculture, industrial expansion, and robust activity in the services sector.

The Finance Minister’s commitment to fiscal prudence and structural reforms has garnered commendation from development partners and financial analysts alike, many of whom now view Ghana as being firmly on the road to economic stability and long-term growth.

As Ghana works to rebuild international trust and reinforce macroeconomic stability, Dr Forson reaffirmed government’s pledge to safeguard livelihoods and promote inclusive development.