Fitch upgrade signals Ghana’s economic comeback — Economist hails move
Global credit rating agency Fitch Ratings has upgraded Ghana’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘B-’ from ‘Restricted Default (RD)’, with a Stable Outlook, a move widely seen as a strong endorsement of the country’s ongoing economic recovery.
The revision marks a significant milestone in Ghana’s journey to restore macroeconomic stability following the 2022 debt crisis and the subsequent restructuring of domestic obligations.
In response, economist and risk analyst Dr. Theo Acheampong described the upgrade as a major indication of renewed confidence in Ghana’s economic direction.
“This is a major endorsement of Ghana’s ongoing economic turnaround. I expect the other ratings agencies to follow suit in the coming weeks during their normal ratings cycle assessment. We must stay the course on fiscal discipline,” Dr. Acheampong said in a Facebook post.
The development has also been welcomed by the government, with Finance Minister Dr. Cassiel Ato Forson expressing optimism about the country’s future.
“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,” Dr. Forson wrote on X, formerly Twitter.
According to Fitch, the upgrade reflects progress made under the International Monetary Fund’s Post-COVID-19 Programme for Economic Growth (PC-PEG), which has included substantial fiscal consolidation measures, domestic debt restructuring, and improved current account management.
The new rating is expected to improve Ghana’s access to capital markets, encourage investor confidence, and support continued economic recovery. The Stable Outlook indicates that the ratings agency sees Ghana as being on a relatively steady path in terms of its ability to meet debt obligations.
Ghana entered into a USD3 billion IMF support programme in 2023 aimed at restoring macroeconomic stability, ensuring debt sustainability, and laying the groundwork for inclusive growth.
