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

Fitch credited the upgrade to the country'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.

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.

Ghana’s economic reform efforts have received a major boost with Fitch’s rating—an assertion confirmed by President John Dramani Mahama and Finance Minister Dr Casiel Ato Forson.

According to the Finance Ministry, the upgrade is an endorsement of the decisive fiscal and debt management measures led by Finance Minister Dr. Cassiel Ato Forson.

Finance Minister Dr. Cassiel Ato Forson described the upgrade as a significant milestone and a vote of confidence in Ghana’s future:

“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.”

President John Dramani Mahama has noted that the recent rating will renew investor confidence.

Speaking at the Ghana-European Union Partnership Dialogue on Tuesday, June 17, President Mahama said:

“On macroeconomics and fiscal governance Ghana’s economic outlook is rebounding steadily. Our administration remains committed to restoring macroeconomic stability through prudent fiscal management, enhanced domestic revenue moblisation, and expenditure rationalisation.

"Working in partnership with the Bank of Ghana, we are working to manage inflation, stabilising the Cedi, and pursue debt restructuring strategies to restore confidence and rebuild the fiscal space of the economy. These efforts are yielding fruit and only yesterday the Fitch Rating agency upgraded Ghana’s restricted default to B- with a Stable Outlook."

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.

Inflation, which peaked at over 50% in early 2023, has now declined to 18.4% as of May 2025, the lowest in more than three years. Fitch projects it will continue falling, reaching 15% in 2025 and 10% by 2026.

The cedi has also seen significant appreciation since April, easing import costs and stabilising fuel prices.

As Ghana rebuilds international confidence and restores macroeconomic stability, Dr. Forson says the government remains committed to protecting the livelihoods of Ghanaians and ensuring inclusive growth.

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.