Fitch Upgrades Ghana Ratings to B- on Debt Restructuring Progress

Fitch Ratings upgraded Ghana's long-term foreign currency credit rating from Restricted Default to B- with a stable outlook, reflecting significant progress in the country's external debt restructuring and improving economic fundamentals. Ghana successfully restructured $13.1 billion in Eurobonds, with only about $700 million in commercial debt still unresolved, though ongoing negotiations minimize holdout risks. The agency praised Ghana's improving fiscal position, including a projected reduction in public debt from 93% of GDP in 2022 to around 60% by 2025, a rebound in foreign reserves to $6.8 billion, and a forecasted economic growth of 4% in 2025. Inflation, which peaked above 23% in 2024, is expected to decline to 15% in 2025 and 10% in 2026. Finance Minister Cassiel Ato Forson emphasized the government's commitment to fully reviving the economy and delivering lasting relief and prosperity to Ghanaians, viewing the upgrade as just the beginning of positive economic developments. The upgrade also marks a restoration of investor confidence following Ghana's recent debt crisis and economic hardship.