Fitch 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’, assigning the country a Positive Outlook.

The agency attributed the upgrade to a sharp reduction in public debt levels, stronger economic growth, improved fiscal management, and the appreciation of the Ghana cedi.

Fitch also highlighted a substantial increase in Ghana’s international reserves, noting that the development has helped reduce external financing risks.

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

The ratings agency further expects Ghana’s economy to maintain solid growth, averaging around 5% through 2027, driven by strong gold exports, easing inflation, and improving consumer confidence.

Although inflation edged up slightly to 3.4% in April 2026, Fitch believes the overall trend will remain downward despite potential risks linked to global oil price movements.

The agency also noted that Ghana’s international reserves rose by $5.4 billion in 2025 to reach $12.3 billion, strengthening the country’s external financial position.

Fitch stated that the Positive Outlook reflects expectations that the government will sustain prudent fiscal policies, continue reforms in public financial management, and maintain efforts to stabilise the economy.

However, the agency cautioned that increasing interest costs, higher debt servicing obligations, or weaker fiscal performance could negatively impact Ghana’s rating going forward.