Fitch Upgrades Ghana’s Credit Rating to ‘B–’ After Debt‑Restructuring Gains
Key Highlights Fitch Ratings upgraded Ghana’s long-term foreign-currency issuer default rating from “Restricted Default” to “B–”, with a Stable outlook, citing normalized relations with external creditors. The agency expects Ghana to complete its external debt restructuring by end‑2025, following its $13.1 billion Eurobond restructuring in October 2024. 1. What Drove the Upgrade Successful stabilization of relations with most commercial and bilateral creditors—including a $5.1 billion bilateral deal sealed in January 2025. Ghana's fiscal discipline under Finance Minister Cassiel Ato Forson has driven a decline in public debt-to-GDP from ~93% in 2022 to a projected 60% in 2025–26. 2. Macroeconomic Improvements Underlined Inflation fell from over 50% in early 2023 to 18.4% in May 2025, and is forecasted to decline further to around 15% by year-end, and 10% by 2026. Rationalization of the Exchange Rate and firming of the Ghana cedi have supported […]