Assigning a Stable Outlook to Ghana and upgrading its Long-Term Foreign-Currency Issuer Default Rating (IDR) from “Restricted Default” to “B-” international credit rating agency Fitch Ratings
Based on this progress, investors in Ghana’s economic recovery—led by Finance Minister Dr. Cassiel Ato Forson—show clear faith.
After Ghana effectively restructured $13.1 billion in Eurobond debt and talks on its remaining foreign debt are almost complete, this upgrading represents a significant step forward for budget and debt management for the nation.
Fitch reports that most of Ghana’s commercial debtors have had their relations restored; the nation intends to complete restructure by the end of 2025.
The Fitch report notes among other noteworthy achievements the sharp drop in inflation. The lowest rate in almost three years, inflation dropped from 23% in 2024 to 18.4% in May 2025.
With an average of 15% in 2025 and 10% in 2026 thanks to strict monetary policy, fiscal discipline, and better exchange rate stability, forecasts show that inflation will keep declining.
The dramatic increase in value of the Ghanaian cedi over the past few months has bucked past patterns and lessened demand for imported goods and petrol, so relieving pressure.
Fitch says the cedi has performed brilliantly thanks to proactive measures taken by the Bank of Ghana and the Ministry of Finance as well as fresh confidence in Ghana’s macroeconomic foundations.
Leading in implementing a comprehensive strategy to revive the economy, Minister of Finance Dr. Ato Forson emphasises on lowering debt, rebuilding investor confidence, and simplifying government expenditure. Forecasts of 5.7% in 2024 and 4% in 2025 show real GDP growth to be still strong. Under his direction, the public debt-to— GDP ratio should drop from 93% in 2022 to 60% in 2025. With $6.8 billion in gross international reserves now, Ghana’s reserves are expected to rise still in 2025 and 2026. With a primary surplus of 0.5% of GDP projected in 2025, the fiscal deficit is closing. From a peak of 48% in 2021, interest payments as a percentage of income now stand at 25%.
Responding to the Fitch rating, officials from Ghana’s Ministry of Finance praised Dr. Forson’s efforts to rebuild the nation’s reputation in international markets by means of her strong policy leadership and participation of stakeholders.
“This milestone reflects the Finance Minister’s bold leadership in navigating Ghana out of default and laying the basis for sustainable development,” a government source said. “Indices that the economy is stabilising include a stronger cedi, a reduced inflation, and fresh investor interest.”
The better rating is thought to make Ghana more attractive to foreign investors, facilitate the opening of the capital markets, and help to alleviate some of the financial strain on the nation.
Dr. Forson underlined in a recent speech the government’s will to keep following the strategy:
We are creating an economy fit for everyone. Ghana is once more making progress in this regard; we will not stop until we keep up the present pace of development.
The Fitch upgrade benefits the government and is welcome news for every Ghanaian hoping for a better future with declining inflation, an appreciating currency, and a reasonable national debt.