On Monday, June 16, 2025, Fitch Ratings upgraded Ghana’s Long-Term Foreign Currency Issuer Rating from “Restricted Default” to B‑, assigning a stable outlook. This marks a major milestone in the country’s economic recovery following its 2022 debt crisis
According to Fitch, the upgrade reflects that Ghana has normalised relations with most external commercial creditors and is on track to complete external debt restructuring by the end of 2025.
Strong macroeconomic indicators include:
Inflation decline from 23% in 2024 to 18.4% in May 2025, with expectations of 15% avg. in 2025 and 10% in 2026
Cedi appreciation, easing import costs.
Fiscal measures reducing public debt from 93% to a projected 60% of GDP by 2025
Reserves exceeding $6.8 billion, and primary surplus forecasted
Government Response & Policy Direction
Finance Minister Dr Cassiel Ato Forson credited the decision to his government’s fiscal consolidation, debt restructuring, and stakeholder engagement.
He stated:
“We are building an economy that works for everyone. This upgrade is a signal that Ghana is back on track, and we will not relent in protecting the gains we’ve made.”
Ghana also cleared about $13.1 billion in Eurobond debt, supporting Fitch’s outlook.
Market & Investor Implications
This upgrade strengthens Ghana’s appeal to foreign investors, signals improved access to capital, and may lower borrowing costs. It also supports reopening domestic capital markets amid ongoing IMF-led fiscal reforms. This milestone crowns a multi-year effort: since a 2022 default triggered steep interest rates and IMF intervention, Ghana executed both domestic and external debt exchanges, achieving over 90% participation in restructurings during 2022–2023.
Ghana’s leap from default to B‑ stable demonstrates a significant turn in fiscal responsibility, bolstering confidence in the country’s economic trajectory and laying groundwork for sustainable development.
For readers—and potential investors—it signals a re-emergence of Ghana within the competitive global capital landscape.
Related to this story
Fitch commentary on Ghana’s rating upgrade
Understanding a Sovereign “B‑” Rating
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