“We Are Just Getting Started” – Ato Forson After Fitch Upgrade to ‘B-’
Fitch upgrades Ghana’s credit rating, signaling growing investor confidence and economic stability
- Fitch upgrades Ghana’s credit rating from ‘Restricted Default’ to ‘B-’ with a Stable Outlook
- Inflation falls to 18.4%, debt levels expected to drop from 93% to 60% of GDP by 2025
- Finance Minister Ato Forson vows continued reforms to sustain economic recovery and growth
Ghana has taken a giant leap forward in its economic recovery journey, with global ratings agency Fitch upgrading its Long-Term Foreign-Currency Issuer Default Rating (IDR) from ‘Restricted Default’ to ‘B-’ with a Stable Outlook.
This upgrade marks a strong endorsement of the bold fiscal and debt management strategies championed by Finance Minister Dr. Cassiel Ato Forson.
Fitch attributed the rating boost to Ghana’s successful restructuring of $13.1 billion in Eurobond debt, ongoing fiscal consolidation, and a steadily improving macroeconomic landscape. Key highlights included a drop in inflation, a stronger cedi, and a resurgence of investor confidence—clear signs of Ghana’s economic turnaround.
On his social media platform, Dr. Forson celebrated the milestone, emphasizing that this achievement is merely the beginning:
“I assure you—this is only the beginning. We remain steadfast in our commitment to fully revive the economy and deliver lasting relief and shared prosperity to the good people of Ghana.”
Inflation, which soared above 50% in early 2023, has fallen to 18.4% as of May 2025—the lowest level in over three years. Fitch expects inflation to keep easing, forecasting it will drop to 15% this year and 10% by 2026. Meanwhile, the cedi’s appreciation since April has helped lower import costs and stabilize fuel prices.
Under Dr. Forson’s leadership, Ghana has sharply narrowed its fiscal deficit, with debt projected to decline from 93% of GDP in 2022 to 60% in 2025. Gross international reserves have increased to $6.8 billion, and the government aims to achieve a primary budget surplus by year-end.
The Finance Minister’s rigorous approach to fiscal discipline and structural reforms has earned widespread praise from international partners and market analysts, many now viewing Ghana’s economy as firmly on the path to stability and sustainable growth.
Fitch’s outlook also predicts a 4% real GDP growth in 2025, fueled by a rebound in agriculture, growth in industry, and strong service sector performance.
As Ghana rebuilds global investor confidence and restores economic stability, Dr. Forson pledges that the government will continue prioritizing the welfare of Ghanaians and promoting inclusive growth.
This upgrade is expected to pave the way for Ghana’s return to international capital markets, reduce borrowing costs, and attract fresh investment across key sectors—signaling a promising future ahead.
