The credit rating agency Fitch Ratings upgraded Ghana’s long-term foreign-currency issuer default rating to “B-” from “restricted default” late Monday, according to a release.
The agency also upgraded the country’s outlook to stable, indicating a growing investor confidence in the economy of the West African cocoa, gold, and crude oil exporter.
According to the release, the upgrade reflects Fitch’s assessment that Ghana has normalized relations with a significant majority of external commercial creditors.
“We expect Ghana will fully complete its external debt restructuring by end-2025,” Fitch added.
Commenting, Theo Acheampong, London- based economist and political risk analyst, said, “This is a major endorsement of Ghana’s ongoing economic turnaround.” I expect the other ratings agencies to follow suit in the coming weeks during their normal rating cycle assessment.”
Acheampong urged the government to stay the course on fiscal discipline.
Ghana recorded a 5.3 percent economic growth during the first quarter of 2025 as reforms backed by a 3-billion-dollar loan from the International Monetary Fund begin to show results.
The West African country commenced reforms in May 2023 after the economy was crippled by ballooning public debt, exchange rate instability, high inflation, and fiscal slippages, causing severe downgrade by all major ratings agencies.