Fitch confirms Ghana’s economic stability with ‘B- rating’
Fitch Ratings has upgraded Ghana’s long-term foreign currency credit rating from Restricted Default (RD) to B- with a stable outlook, citing major progress in the country’s external debt restructuring and improving economic fundamentals.
The international rating agency noted that Ghana has successfully restructured $13.1 billion in Eurobonds and reached agreements with most of its external creditors.
Only a small portion, about $700 million in commercial debt, remains unresolved, but Fitch says talks are ongoing and risks of holdouts are low.
Fitch also praised the country’s improving fiscal position, falling inflation, and a more stable currency.
The agency projects that Ghana’s public debt will drop sharply from a peak of 93% of GDP in 2022 to around 60% by 2025. Foreign reserves have also rebounded to $6.8 billion, with further improvements expected.
The Finance Minister, Cassiel Ato Forson, reacting to the upgrade in a Facebook post, said:
“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.”
Ghana’s economy has remained resilient, with Fitch forecasting growth of 4% in 2025.
Inflation, which peaked above 23% in 2024, is expected to fall to 15% in 2025 and 10% in 2026.
The upgrade is seen as a major boost for investor confidence, coming less than a year after Ghana exited a deep debt crisis that triggered defaults and widespread economic hardship.
