Ghana’s economic reform efforts have received a significant endorsement from global ratings agency Fitch, which has upgraded the country’s Long-Term Foreign-Currency Issuer Default Rating (IDR) from ‘Restricted Default’ to ‘B-‘ with a Stable Outlook. This development is a testament to the government’s decisive fiscal and debt management measures led by Finance Minister, Dr. Cassiel Ato Forson.
According to Fitch, the upgrade is attributed to Ghana’s successful restructuring of $13.1 billion in Eurobond debt, steady fiscal consolidation, and the country’s improving macroeconomic outlook. The agency also highlighted falling inflation, a strengthening cedi, and a rebound in investor confidence as key indicators of Ghana’s economic turnaround.
Reacting to the development, Finance Minister Dr. Cassiel Ato Forson said, “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 upgrade comes on the back of significant economic progress, including a decline in inflation from over 50% in early 2023 to 18.4% as of May 2025. Fitch projects inflation to continue falling, reaching 15% in 2025 and 10% by 2026. The cedi has also appreciated significantly since April, easing import costs and stabilizing fuel prices.
Under Dr. Forson’s leadership, Ghana’s fiscal deficit has narrowed sharply, and debt levels are expected to decline to 60% of GDP in 2025, down from 93% in 2022. Gross international reserves have risen to $6.8 billion, and the government is targeting a primary budget surplus by the end of the year.
The Fitch report also forecasts real GDP growth of 4% in 2025, supported by a recovery in agriculture, expansion in industry, and strong performance in the services sector. The rating upgrade is expected to facilitate Ghana’s re-entry into global capital markets, ease borrowing costs, and attract renewed investment across key sectors.
Dr. Forson’s firm stance on fiscal discipline and structural reforms has earned praise from international partners and market analysts, many of whom now view Ghana’s economy as being on a clear path to stability and sustainable growth. The government remains committed to protecting the livelihoods of Ghanaians and ensuring inclusive growth as the country rebuilds international confidence and restores macroeconomic stability.
