Ghana’s economic recovery has received a major international endorsement after Fitch Ratings upgraded the country’s Long-Term Foreign-Currency Issuer Default Rating from B- to B, with a Positive Outlook.
The upgrade, announced on Friday, May 8, 2026, reflects growing confidence in Ghana’s improving economic conditions following years of fiscal pressure and debt restructuring.
According to Fitch Ratings, the decision was driven by Ghana’s strong economic growth, significant reduction in public debt, improved fiscal discipline, declining inflation, and rising international reserves.
“Even in the midst of global uncertainty and economic turbulence, Fitch has upgraded Ghana’s credit rating from B- to B,” the agency stated in its latest assessment.
Fitch noted that Ghana’s public debt-to-GDP ratio has fallen sharply due to strong real GDP growth, sustained fiscal consolidation measures, and the appreciation of the cedi. The agency projects that Ghana’s debt level will decline further to 46% of GDP by 2027, placing the country below the median forecast for economies within the B rating category.
The report also highlighted Ghana’s improving external position, supported by strong export earnings, increased foreign direct investment inflows, and continued support from multilateral institutions.
International reserves are expected to rise to cover about 4.8 months of external payments by 2027, helping to reduce external liquidity risks. Fitch disclosed that Ghana’s unencumbered reserves increased by US$5.4 billion in 2025, bringing the total to US$12.3 billion.
A key factor behind the improved outlook is Ghana’s record current account surplus of 8.2% of GDP in 2025, largely driven by strong gold exports and favourable global gold prices.
On the fiscal front, Fitch praised Ghana’s commitment to fiscal discipline and improved public financial management systems. The agency expects the country to maintain primary fiscal surpluses of 1.5% of GDP in both 2026 and 2027 after recording a strong 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 ratings agency further pointed to declining inflation and stronger economic growth as major signs of improving macroeconomic stability.
Inflation dropped to 3.2% in March 2026, its lowest level since 1999, while economic growth is projected to average around 5% through 2027. Fitch said growth will likely be supported by the mining sector, particularly gold production, alongside improving consumer confidence, lower inflation, and easing borrowing costs.
Despite the upgrade, Fitch cautioned that Ghana still faces risks, including high debt-servicing costs and vulnerability to external economic shocks.
The agency warned that weaker fiscal performance, rising inflation, or failure to continue strengthening external reserves could negatively affect Ghana’s rating outlook in the future.
However, Fitch maintained that continued fiscal discipline, sustained reforms, and stronger reserve accumulation could position Ghana for further credit rating upgrades in the coming years.
