Global credit rating agency Fitch Ratings has upgraded Ghana’s Long-Term Foreign-Currency Issuer Default Rating (IDR) from ‘Restricted Default’ to ‘B-’ with a Stable Outlook.

This signals growing investor confidence in Ghana’s economic recovery under the leadership of Finance Minister Dr. Cassiel Ato Forson.

The upgrade reflects significant progress in Ghana’s fiscal and debt management, following the successful restructuring of $13.1 billion in Eurobond debt and the near-completion of outstanding external debt negotiations.

Fitch notes that Ghana has normalised relations with most commercial creditors and expects full restructuring to be finalised by the end of 2025.

One of the standout achievements recognised in the Fitch report is the sharp decline in inflation, which has dropped from 23% in 2024 to 18.4% in May 2025—the lowest rate in over three years.

Inflation is expected to continue falling, averaging 15% in 2025 and 10% in 2026, supported by tight monetary policy, fiscal discipline, and improved exchange rate stability.

The Ghana cedi has appreciated significantly in recent months, reversing previous trends and helping to ease price pressures on imported goods and fuel.

Fitch credits the cedi’s strong performance to renewed confidence in Ghana’s macroeconomic fundamentals and proactive interventions by the Ministry of Finance and the Bank of Ghana.

Finance Minister Dr. Ato Forson has led a comprehensive economic turnaround strategy focused on fiscal consolidation, debt sustainability, and restoring investor trust. Under his direction:
• Ghana’s public debt-to-GDP ratio is projected to decline to 60% in 2025, down from 93% in 2022;
• Gross international reserves have surged to $6.8 billion, with further growth expected in 2025 and 2026;
• The fiscal deficit is narrowing, with a projected primary surplus of 0.5% of GDP in 2025;
• Interest payments as a share of revenue have dropped to 25%, down from a peak of 48% in 2021;
• Real GDP growth remains solid, at 5.7% in 2024 and projected at 4% in 2025.

In response to the Fitch rating, senior officials at the Ministry of Finance credited Dr. Forson’s firm policy direction and stakeholder engagement for restoring Ghana’s credibility in global markets.

“This milestone reflects the Finance Minister’s bold leadership in navigating Ghana out of default and laying the foundation for sustainable growth,” one official stated. “Lower inflation, a stronger cedi, and renewed investor interest are all signs that the economy is stabilising.”

The improved rating is expected to boost Ghana’s appeal to foreign investors, support the reopening of domestic capital markets, and ease pressure on public finances.

Dr. Forson, speaking earlier this month, reaffirmed government’s commitment to staying the course:

“We are building an economy that works for everyone. This upgrade is a signal that Ghana is back on track, and we will not relent in protecting the gains we’ve made.”

With inflation declining, the exchange rate stabilising, and debt falling, the Fitch upgrade is not only a win for the government—but a hopeful sign for all Ghanaians looking forward to a more stable and prosperous future.