Fitch’s recent credit rating upgrade to ‘B-’ with a stable outlook, signalling improved investor confidence, is pleasing.

Reacting to Fitch’s upgrade of Ghana’s credit rating, Finance Minister Dr. Cassiel Ato Forson described the upgrade as a significant milestone and indicated that it reflects government unwavering resolve to fully revive the economy and deliver lasting relief and shared prosperity for Ghanaians.

Bank of Ghana Governor Dr. Johnson Asiama also welcomed the latest credit rating upgrade by Fitch Ratings as a clear indication of Ghana’s improving macroeconomic fundamentals and external sector performance.

Meanwhile, President John Mahama has attributed the Fitch Ratings upgrade to prudent economic management embarked upon by government.

He noted that working in partnership with the Bank of Ghana, they are stabilising inflation, stabilising the cedi and pursuing debt restructuring strategies to restore confidence and rebuild the fiscal space for development.

However, Dr. Mahamudu Bawumia – former Head of economic management team and Vice President in the previous administration – has suggested that the current government has made no deliberate efforts to reverse the economic deterioration inherited from his regime

Fitch’s decision to upgrade Ghana’s Long-Term Foreign-Currency Issuer Default Rating is anchored in several critical indicators that reflect the country’s improving macroeconomic stability and renewed commitment to debt sustainability.

First and foremost is the success of Ghana’s debt restructuring efforts, which served as the primary catalyst for the rating upgrade. In October 2024, government finalised the restructuring of approximately US$13.1billion in Eurobond debt.

Secondly, government’s strong fiscal consolidation measures have begun to yield results. Under the current NDC administration, Fitch projects a primary budget surplus of 0.5% of GDP in 2025 compared to a deficit of 1.7% in 2024.

This turnaround is largely attributed to improved domestic revenue mobilization and tighter expenditure controls.

While the ‘B-‘ rating still places Ghana in the ‘highly speculative’ category, the upgrade carries tangible implications for the lives of ordinary Ghanaians.  For one, the upgrade signals renewed investor confidence in Ghana’s economic trajectory.

This can translate into increased foreign direct investment (FDI) and improved access to international capital markets

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