Ghana has achieved a significant milestone in its economic reform efforts as Fitch Ratings upgraded the country’s Long-Term Foreign-Currency Issuer Default Rating from ‘Restricted Default’ to ‘B-‘ with a Stable Outlook. This development is attributed to Ghana’s successful restructuring of $13.1 billion in Eurobond debt, fiscal consolidation, and an improving macroeconomic outlook.
Fitch noted several indicators of Ghana’s economic progress, including declining inflation rates, a strengthening cedi, and increased investor confidence. Finance Minister Dr. Cassiel Ato Forson expressed optimism about the upgrade, stating: “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.”
Inflation in Ghana has decreased significantly from over 50% in early 2023 to 18.4% as of May 2025, marking its lowest point in more than three years. Fitch anticipates further declines in inflation rates to 15% by the end of 2025 and 10% by 2026. The appreciation of the cedi since April has also contributed to reduced import costs and stabilized fuel prices.
Under Dr. Forson’s leadership, Ghana’s fiscal deficit has narrowed considerably, with debt levels projected to decrease from 93% of GDP in 2022 to 60% by 2025. Gross international reserves have increased to $6.8 billion, and the government aims for a primary budget surplus by year-end.
The Finance Minister’s commitment to fiscal discipline and structural reforms has garnered praise from international partners and market analysts who view Ghana’s economy as being on a path toward stability and sustainable growth.
Fitch projects real GDP growth at 4% for 2025, driven by recovery in agriculture, industry expansion, and strong performance within the services sector.
As Ghana continues rebuilding international confidence and restoring macroeconomic stability, Dr. Forson emphasizes that the government remains dedicated to protecting livelihoods and ensuring inclusive growth for all Ghanaians.
The rating upgrade is expected to facilitate Ghana’s re-entry into global capital markets while easing borrowing costs and attracting investment across key sectors.