Fitch Ratings has upgraded Ghana’s Long-Term Foreign-Currency Issuer Default Rating from “Restricted Default” to ‘B-’ with a Stable Outlook. This marks a significant step forward in the country’s recovery efforts following years of economic turbulence. The improved rating reflects renewed international confidence in Ghana’s fiscal reforms and debt management strategies.
The upgrade follows Ghana’s notable progress in restructuring its external debt, particularly the successful reorganisation of $13.1 billion in Eurobond liabilities. Negotiations with the remaining group of external creditors are nearly complete, and the government is on track to finish the full debt restructuring by the end of 2025. Fitch cited the re-engagement with commercial creditors as a strong sign of Ghana’s commitment to financial rehabilitation.
Another major factor contributing to the upgrade is a sharp drop in inflation. From 23% in 2024, inflation declined to 18.4% in May 2025, and Fitch forecasts it to average 15% this year and fall to 10% by 2026. This downward trend is being driven by tighter monetary policy, improved currency performance, and fiscal discipline.
The Ghanaian Cedi’s appreciation has also played a key role in reducing inflationary pressure on imported goods and fuel. Fitch attributes this currency strength to sound macroeconomic management and close policy coordination between the Ministry of Finance and the Bank of Ghana.
This credit rating improvement is expected to boost Ghana’s credibility among global investors and could reopen access to international capital markets. It also underscores the impact of well-managed economic reforms in rebuilding investor trust and economic stability.
Source: Citi newsroom