Ghana’s Credit Rating Upgraded to ‘B’ by Fitch Ratings, Outlook Revised to Positive

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

The ratings agency said the upgrade is on the back of sharp decline in Ghana’s public debt, strong economic growth, improved fiscal discipline and the appreciation of the cedi.

Fitch also cited a significant rise in international reserves, which it says has reduced external financing risks.

According to the agency, Ghana’s public debt is expected to decline further to 46% of GDP by 2027, below the average for countries with similar ratings.

The agency projects Ghana’s economy will continue to record strong growth, averaging about 5% through 2027, supported by gold exports, lower inflation, and improved consumer confidence.

Inflation, which rose marginally to 3.4% in April 2026 is however also expected to remain on a downward trend despite possible pressure from global oil prices.

Fitch further noted that Ghana’s international reserves increased by 5.4 billion dollars in 2025 to reach 12.3 billion dollars, strengthening the country’s external position.

The Positive Outlook signals expectations that government will maintain prudent fiscal policies, continue reforms in public financial management and further stabilise the economy.

However, Fitch warned that high interest costs, rising debt servicing obligations, or weaker fiscal performance could negatively affect Ghana’s rating in the future.