Fitch upgrades Ghana’s credit rating to ‘B-’ with stable outlook

The international rating agency, Fitch Ratings has upgraded Ghana’s Long-Term Foreign-Currency Issuer Default Rating (IDR) from Restricted Default to ‘B-’ with a Stable Outlook, signaling growing international confidence in the country’s economic recovery efforts.

The move comes on the back of Ghana’s ongoing fiscal consolidation and major progress in restructuring its external debt.

Central to this progress is the successful reorganisation of $13.1 billion in Eurobond liabilities, along with near-finalised negotiations with the remaining group of external creditors.

Fitch noted that Ghana has re-established formal engagement with most of its commercial creditors and is on course to complete its full debt restructuring process by the end of 2025.

One of the key drivers behind the improved rating is the notable decline in inflation, which dropped from 23% in 2024 to 18.4% as of May 2025.

The rating agency projects inflation to average 15% in 2025 and falls further to 10% in 2026, supported by tighter monetary policy, fiscal discipline, and improved currency stability.

The Ghanaian Cedi has also shown a strong recovery, appreciating against major foreign currencies and easing inflationary pressures on imported goods and fuel.

Fitch credited this resilience to sound macroeconomic management and coordinated policy measures by the Ministry of Finance and the Bank of Ghana.

This new rating is expected to enhance the country’s credibility with international investors and potentially open up renewed access to global capital markets in the medium term.

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