Ghana’s dedicated economic reform efforts have received a significant vote of confidence as global ratings agency Fitch upgraded the country’s Long-Term Foreign-Currency Issuer Default Rating (IDR) from ‘Restricted Default’ to ‘B-’ with a Stable Outlook. This upgrade is widely seen as a clear endorsement of the decisive fiscal and debt management measures implemented under the leadership of Finance Minister Dr. Cassiel Ato Forson.
Fitch attributed the positive rating adjustment to Ghana’s successful restructuring of its $13.1 billion Eurobond debt, coupled with steady fiscal consolidation and an improving macroeconomic outlook. The agency further highlighted falling inflation, a strengthening cedi, and a noticeable rebound in investor confidence as critical indicators of Ghana’s economic turnaround.
Reacting to the development, Finance Minister Dr. Cassiel Ato Forson hailed the upgrade as a “significant milestone” and a “vote of confidence in Ghana’s future.” He assured the public, “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.”
Inflation, which had peaked at over 50% in early 2023, has now remarkably declined to 18.4% as of May 2025, marking its lowest point in more than three years. Fitch forecasts a continued downward trend, projecting inflation to reach 15% in 2025 and further to 10% by 2026. The Ghanaian cedi has also demonstrated significant appreciation since April, contributing to eased import costs and stabilized fuel prices.
Under Dr. Forson’s stewardship, Ghana’s fiscal deficit has narrowed sharply, and debt levels are anticipated to decrease to 60% of GDP in 2025, a substantial reduction from 93% in 2022. Gross international reserves have climbed to $6.8 billion, and the government is aiming for a primary budget surplus by the close of the year.
The Finance Minister’s steadfast commitment to fiscal discipline and structural reforms has garnered praise from international partners and market analysts, many of whom now view Ghana’s economy as firmly on a path toward stability and sustainable growth.
The Fitch report also projects real GDP growth of 4% in 2025, buoyed by a recovery in agriculture, expansion in industry, and robust performance in the services sector. As Ghana diligently rebuilds international confidence and restores macroeconomic stability, Dr. Forson affirmed the government’s ongoing commitment to protecting the livelihoods of Ghanaians and ensuring inclusive growth.
This significant rating upgrade is expected to facilitate Ghana’s re-entry into global capital markets, potentially easing borrowing costs and attracting renewed investment across vital sectors of the economy.
Source: http://thepressradio.com
