Ghana overcomes its financial crisis... and Fitch rewards it with a rating upgrade.
Ghana regains confidence in international markets after improving its credit rating.
Written by: Hussein Ahmed
In a move reflecting a marked improvement in the performance of the Ghanaian economy, Fitch Ratings announced an upgrade of Ghana’s long-term foreign currency issuer credit rating from B- to B, with a positive outlook, indicating growing international confidence in the government’s ability to overcome the repercussions of the financial crisis that has plagued the country in recent years.
Ghana regains confidence in international markets after improving its credit rating.
According to Bloomberg, the decision reflects the success of the West African nation in gradually restoring economic stability, following a series of financial and monetary reforms that have improved economic indicators and reduced pressure on the public budget.
Fitch expects the public debt-to-GDP ratio to fall to around 46% by 2027, compared to an average of 51% for countries in the same category, reflecting an improvement in public debt management and fiscal policies pursued by the Ghanaian government.
Ghana also recorded a record primary surplus of 2.91 TP3T during 2025, an indication of the authorities’ success in boosting public revenues and reducing spending rates, with expectations of continued financial surpluses during the next two years, which supports the sustainability of public finances and enhances the state’s ability to meet its external obligations.
On the price front, the Ghanaian economy has seen a significant decline in inflation rates, falling to 3.2% in March 2026, its lowest level in nearly 30 years, supported by the stability of the local currency, the cedi, and improved monetary policy performance.
At the same time, Ghana’s international reserves have risen to about $12.3 billion, giving the country a comfortable financial cover to secure imports and cope with potential external shocks, amid expectations that this improvement will be reflected in attracting more foreign investment in the coming period.
Observers believe that the credit rating upgrade represents a strong message of confidence to international markets and may open the door for Ghana to obtain financing on better terms, at a time when the government is seeking to consolidate economic recovery and promote sustainable growth rates.
