Finance Minister Dr. Cassiel Ato Forson has emphatically declares, “This is only the beginning,” as Fitch Ratings upgrads Ghana’s Long‑Term Foreign‑Currency Issuer Default Rating (IDR) from “Restricted Default” to “B‑” with a Stable Outlook, marking a significant milestone on Monday, June 16, 2025.
Fitch Ratings has upgraded Ghana’s credit outlook, citing major strides in debt restructuring and improving macroeconomic indicators.
Central to the upgrade is Ghana’s successful reworking of US$13.1 billion in Eurobonds and efforts to finalize the remaining external debt agreements by the end of 2025.
Inflation has declined dramatically from over 50% in early 2023 to 18.4% as of May 2025 with projections of 15% by year-end and a target of 10% in 2026.
The Ghanaian cedi has also strengthened, helping stabilize import costs and fuel prices, while gross international reserves now stand at US$6.8 billion.
Fitch noted Ghana’s public debt-to-GDP ratio is on track to fall to 60% by 2025, a significant improvement from 93% in 2022.
Meanwhile, real GDP growth is projected at around 4% for 2025, buoyed by positive performance across agriculture, industry, and services sectors.
In a post from the minister’s X account he stated,
“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.”
He emphasized that while the rating boost represents a pivotal vote of confidence, sustained fiscal discipline and economic reforms will be essential to building a resilient and inclusive recovery and that the government will persevere in its efforts.
Market analysts and officials at the Ministry of Finance view Fitch’s move as a strong signal to both investors and development partners.
It is expected to lower borrowing costs, improve access to global capital markets, and reinforce the government’s commitment to financial responsibility
Bottom Line: The “B‑” upgrade with a stable outlook is more than symbolic it transforms Ghana’s financial landscape, enhancing credibility and unlocking access to cheaper credit.
With key reforms already bearing fruit, Forson’s declaration underlines a renewed promise: this is just the start of Ghana’s economic rebuilding journey.
By: J.W Quarm
