Ghana’s sovereign credit profile has received a major boost after Fitch Ratings upgraded the country’s Long-Term Foreign-Currency Issuer Default Rating from B- to B, with a Positive Outlook, citing strong economic growth, sharp debt reduction, fiscal discipline, and rising international reserves.

The upgrade, announced on Friday, May 8, 2026, comes as Ghana continues to implement reforms aimed at restoring macroeconomic stability following the country’s recent debt restructuring programme.

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

According to Fitch, the upgrade 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 projected that Ghana’s public debt will continue to decline to 46% of Gross Domestic Product (GDP) by 2027, below the median forecast for countries rated in the B category.

Fitch also pointed to Ghana’s improving external position, noting that strong current account surpluses, foreign direct investment inflows, and support from multilateral institutions are expected to push international reserves to the equivalent of 4.8 months of external payments by 2027.

The ratings agency disclosed that Ghana’s unencumbered reserves increased by US$5.4 billion in 2025 to US$12.3 billion.

The report further highlighted Ghana’s record current account surplus of 8.2% of GDP in 2025, supported largely by strong gold exports and favourable global gold prices.

On fiscal performance, Fitch said Ghana is expected to maintain 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 also cited declining inflation and stronger economic growth as key factors underpinning the upgrade.

Inflation, which fell to 3.2% in March 2026 — its lowest level since 1999 — was described as evidence of improving macroeconomic stability.

Fitch expects Ghana’s economy to maintain strong growth through 2027, averaging about 5%, driven by gold mining, improved consumer confidence, lower inflation, and easing borrowing costs.

Despite the positive outlook, Fitch cautioned that Ghana still faces challenges, particularly high debt servicing costs and vulnerability to external shocks.

The agency warned that weaker fiscal performance, rising inflation, or failure to continue building external reserves could negatively affect the rating in future.

However, Fitch indicated that continued fiscal prudence, sustained reforms, and stronger reserve accumulation could lead to further upgrades in the coming years.

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Fitch upgrades Ghana's credit rating amid global economic challenges

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