Fitch Upgrades Ghana’s Credit Rating to B- With Stable Outlook, Finance Minister Reacts

• Fitch Ratings has upgraded Ghana’s credit score from ‘Restricted Default’ to ‘B-’ with a stable outlook
• The agency cited successful debt restructuring, improved budget discipline, and a recovering economy as key reasons
• Dr Ato Forson welcomed the move, calling it a major milestone and a vote of confidence in Ghana’s future

Fitch, a top global ratings agency, has revised Ghana’s credit rating from ‘Restricted Default’ to ‘B-’ with a stable outlook.

This upgrade signals confidence in Ghana’s ongoing efforts to restore its economy under the leadership of Finance Minister Dr Cassiel Ato Forson.

Fitch attributed the improvement to Ghana’s successful restructuring of $13.1 billion in Eurobond debt, improved budget management, and economic recovery.

The agency also noted declining inflation, a stronger cedi, and renewed investor confidence as key signs of Ghana’s economic turnaround.

Reactions to Fitch’s latest report on Ghana’s economy

Reacting to the news, Finance Minister Dr Forson described the upgrade as a major milestone and a vote of confidence in Ghana’s economy.

He assured the public of the government’s commitment to protecting livelihoods and ensuring inclusive growth.

Fitch projects Ghana’s economy will grow by 4% in 2025, driven by a rebound in agriculture, industrial expansion, and robust performance in the services sector.

“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,” he posted on social media.

A post on the official X page of the Finance Ministry attributed the rating upgrade to Dr Forson’s commitment to fiscal discipline and structural reforms.

Ghana’s economy rebounds under Dr Forson

Since Dr Ato Forson’s appointment as finance minister, Ghana’s economy has seen significant improvements.

Inflation has dropped from over 50 per cent in early 2023 to 18.4 per cent as of May 2025.

The cedi has strengthened since April, easing import costs and stabilising fuel prices.

Ghana’s fiscal deficit has narrowed, and debt levels are projected to fall to 60 per cent of GDP in 2025, according to the Finance Ministry.

The ministry said the upgrade is expected to facilitate Ghana’s re-entry into global capital markets, reduce borrowing costs, and attract fresh investment.

It also described the move as a clear endorsement of the President Mahama-led government’s strong fiscal and debt management policies.

This is expected to further boost investor confidence and accelerate economic growth.

Reactions to Fitch’s outlook on Ghana’s economy

Ghanaians thronged social media to react to Fitch’s latest report. YEN.com.gh compiled a selection of public reactions below:

@DelwinAlem said:

"For God and Country."

@BenjaminKAmeyaw also said:

"Very good outlook. We need a vibrant economy to withstand uncertainties."

@WMTwai commented:

"IMF has been here for how many years? Let's stop acting like we're some magicians. Ato is great but not everything is solely our effort as a people."

Energy expert Benjamin Boakye cautions Finance Minister

Meanwhile, YEN.com.gh reported that the Executive Director of Africa Centre for Energy Policy (ACEP), Benjamin Boakye, warned the Finance Minister against repeating the mistakes of his predecessor, Ken Ofori-Atta, in relying heavily on taxes

He criticised the GH¢1 fuel levy, calling it a poor way to address the sector's inefficiencies, which require decisive leadership.

Despite opposition, Parliament passed the Energy Sector Levy (Amendment) Bill amid rising concerns over Ghana's growing energy sector debts.

Proofreading by Samuel Gitonga, copy editor at YEN.com.gh.

Source: YEN.com.gh