“This is only the beginning” — Ato Forson assures as Ghana secures Fitch upgrade

Ghana’s economic outlook has received a major lift after global credit ratings agency Fitch upgraded the country’s Long-Term Foreign-Currency Issuer Default Rating from 'Restricted Default' to 'B-' with a Stable Outlook.

The upgrade follows Ghana’s successful $13.1 billion Eurobond debt restructuring and is being hailed as a firm endorsement of Finance Minister Dr. Cassiel Ato Forson’s fiscal reform agenda.

Reacting to the news, Dr. Forson posted on X: “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.”

Fitch cited key improvements driving the upgrade, including declining inflation, a strengthening cedi, rising reserves, and growing investor confidence. Inflation, which hit over 50% in early 2023, has fallen to 18.4% as of May 2025, with projections of 15% in 2025 and 10% in 2026.

The cedi’s appreciation has helped stabilise import costs and fuel prices. International reserves have risen to $6.8 billion, while the fiscal deficit has narrowed sharply. Public debt is expected to fall to 60% of GDP next year, down from a peak of 93% in 2022.

Fitch also forecasts real GDP growth of 4% in 2025, led by rebounds in agriculture, industrial expansion, and strong service sector output.

With Ghana now on a clearer path to recovery, the rating upgrade is expected to reduce borrowing costs, open the door to global capital markets, and boost investor confidence in the country’s future.