Fitch Upgrades Ghana to ‘B’ as Debt Falls

Fitch Ratings has upgraded Ghana’s Long-Term Foreign-Currency Issuer Default Rating from B- to B with a Positive Outlook, citing stronger economic growth, sharp debt reduction, improving fiscal discipline and rising international reserves despite ongoing global uncertainty.

The upgrade, announced on May 8, 2026, marks a significant vote of confidence in Ghana’s economic recovery programme following the country’s recent debt restructuring and macroeconomic stabilisation efforts.

“Even in the midst of global uncertainty and economic turbulence, Fitch has upgraded Ghana’s credit rating from B- to B,” the agency stated in its latest assessment.

According to Fitch, the rating action reflects “a sharp fall in public debt/GDP, supported by robust real GDP growth, substantial fiscal consolidation efforts and currency appreciation, and a marked increase in international reserves that lowers external liquidity risks.”

The agency projects Ghana’s public debt will decline further to 46% of Gross Domestic Product by 2027, placing the country below the median debt level for similarly rated economies in the B category.

Fitch also highlighted Ghana’s improving external position, driven by strong export earnings, rising foreign exchange inflows and continued multilateral support. The agency noted that Ghana’s unencumbered reserves increased by US$5.4 billion in 2025 to reach US$12.3 billion.

International reserves are now expected to rise to the equivalent of 4.8 months of external payments by 2027, significantly reducing external financing risks and strengthening the country’s liquidity position.

A major contributor to the improved outlook has been Ghana’s strong current account performance. Fitch pointed to the country’s record current account surplus of 8.2% of GDP in 2025, supported largely by booming gold exports and elevated global gold prices.

On the fiscal front, the ratings agency commended Ghana’s consolidation efforts, projecting primary fiscal surpluses of 1.5% of GDP in both 2026 and 2027 following a record 2.9% surplus in 2025.

“Ghana has significantly improved public financial management, and this lowers the risk of short-term fiscal slippages,” Fitch stated.

The agency further cited declining inflation and sustained economic growth as critical pillars supporting the upgrade. Inflation dropped to 3.2% in March 2026, its lowest level since 1999 reflecting easing price pressures and improving macroeconomic stability.

Fitch expects Ghana’s economy to maintain average growth of about 5% through 2027, driven by expansion in the gold mining sector, stronger consumer confidence, lower inflation and gradually easing borrowing costs.

Despite the positive assessment, Fitch cautioned that Ghana remains exposed to several risks, including elevated debt servicing obligations and vulnerability to external shocks such as commodity price swings and global financial tightening.

The agency warned that fiscal slippages, renewed inflationary pressures or failure to sustain reserve accumulation could weigh negatively on future ratings performance.

However, Fitch signaled that continued fiscal discipline, stronger reserve buffers and sustained structural reforms could pave the way for additional upgrades in the coming years.

The latest upgrade is expected to improve investor confidence in Ghana’s economy and could potentially lower borrowing costs over time as the country seeks to consolidate its recovery and strengthen long-term economic resilience.