Finance Minister Dr. Cassiel Ato Forson has hailed Fitch Ratings’ upgrade of Ghana’s Long-Term Foreign-Currency Issuer Default Rating (IDR) from ‘Restricted Default’ to ‘B-’ with a Stable Outlook as a major vote of confidence in the country’s economic recovery.
The international ratings agency credited Ghana’s recent progress to its successful restructuring of US$13.1 billion in Eurobond debt, commitment to fiscal consolidation, and improving macroeconomic indicators. Fitch cited the steady drop in inflation, a stronger Ghanaian cedi, and revived investor confidence as clear signs of the nation’s turnaround.
Responding to the news on his official X (formerly Twitter) page, Dr. Forson wrote: “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.”
Recent data support the optimism. Inflation, which peaked at over 50% in early 2023, has now dropped to 18.4% as of May 2025—the lowest in more than three years. Fitch forecasts inflation will fall further to 15% by year-end, and to 10% by 2026.
The Ghanaian cedi has also appreciated since April, helping to ease import costs and stabilise fuel prices. On the fiscal front, Ghana’s deficit has narrowed significantly, and public debt is projected to decline to 60% of GDP by 2025, down from 93% in 2022.
Foreign reserves have improved as well, rising to US$6.8 billion. The government is now targeting a primary budget surplus before the end of the year.
Fitch expects real GDP growth to hit 4% in 2025, supported by a rebound in agriculture, growth in the services sector, and rising industrial output.
Dr. Forson’s emphasis on fiscal discipline and structural reforms has earned praise from both development partners and analysts, many of whom now consider Ghana on track for long-term economic stability.
As the country continues to rebuild international trust and strengthen its macroeconomic foundation, the Finance Minister reiterated the government’s commitment to protecting livelihoods and fostering inclusive growth.
