ACCRA, May 9 – Fitch Ratings upgraded Ghana’s sovereign credit rating to “B” from “B-” on Friday, citing stronger fiscal consolidation, improving economic growth and progress on debt restructuring.
The ratings agency said Ghana’s improving fiscal position, combined with rising international reserves, had reduced external liquidity risks and strengthened confidence in the country’s economic recovery.
The upgrade marks another positive signal for the West African economy after years of financial stress triggered by surging debt, high inflation and currency volatility.
Fitch said easing inflation and continued restructuring of the country’s debt burden have helped stabilise the economy, while robust real GDP growth supported the improved rating action.
The agency also maintained a positive outlook on Ghana’s sovereign rating, reflecting expectations that authorities will continue pursuing prudent fiscal management and reforms aimed at strengthening public finances.
The move follows similar rating actions from Moody’s Ratings and S&P Global Ratings, both of which recently highlighted Ghana’s improving fiscal trajectory and economic resilience.
Ghana’s economy has shown signs of sustained recovery in recent months, with inflation slowing for 15 consecutive months before edging higher in April for the first time since December 2024.
Government statistician Alhassan Iddrisu said renewed pressure from global disruptions and regional supply shocks had started pushing food and fuel prices higher, although the impact had not yet spread broadly across the economy.
Fitch said it expects Ghana’s public debt to decline to 46% of gross domestic product by 2027, while forecasting continued solid economic growth through the same period.
The gold-, oil- and cocoa-producing nation has been rebuilding investor confidence following one of its most severe economic crises in decades, supported by tighter fiscal controls and improved macroeconomic management.
