Fitch Ratings Upgrades Ghana’s Credit Rating to ‘B’ with Positive Outlook

Fitch Ratings has upgraded Ghana’s Long-Term Foreign-Currency Issuer Default Rating from ‘B-’ to ‘B’, while assigning the country a Positive Outlook.

The agency attributed the upgrade to a substantial reduction in Ghana’s public debt levels, sustained economic growth, improved fiscal management and the strengthening of the cedi.

Fitch also highlighted a sharp increase in Ghana’s international reserves, saying the development has helped reduce the country’s exposure to external financing risks.

According to the ratings agency, Ghana’s public debt is expected to fall further to about 46 percent of GDP by 2027, placing it below the average level for countries within the same rating category.

The agency further projected that the Ghanaian economy would maintain strong growth momentum, averaging around five percent through 2027, driven largely by gold exports, easing inflation and stronger consumer confidence.

Although inflation rose slightly to 3.4 percent in April 2026, Fitch expects it to continue trending downward despite potential risks from global oil price increases.

The report also noted that Ghana’s international reserves grew by $5.4 billion in 2025, reaching $12.3 billion and significantly strengthening the country’s external financial position.

Fitch said the Positive Outlook reflects expectations that the government will sustain prudent fiscal policies, continue reforms in public financial management and maintain efforts aimed at stabilising the economy.

However, the agency cautioned that increasing debt servicing costs, higher interest payments or weaker fiscal performance could pose risks to Ghana’s credit rating going forward.