Fitch upgrades Ghana's credit rating to 'B' as economy shows strong recovery

Ghana’s sovereign credit rating has been upgraded from ‘B-’ to ‘B’ by Global ratings agency Fitch, pointing to the country’s improving fiscal discipline and strong economic recovery.

According to Fitch, Ghana’s recent economic progress has been driven by tighter fiscal management, steady real GDP growth, slowing inflation, and continued progress in restructuring its debt.

The agency also highlighted the country’s growing international reserves, which it said have helped reduce risks linked to external liquidity pressures.

The latest upgrade follows similar positive assessments from other major ratings agencies, including Moody’s and S&P, both of which recently acknowledged Ghana’s strengthening fiscal outlook.

Fitch upgrades Ghana's credit rating in the midst of global uncertainty

Although inflation has generally eased over the past 15 months, data from April 2026 showed a slight increase for the first time since December 2024.

Government Statistician Dr Alhassan Iddrisu explained that global economic shocks and regional supply disruptions were beginning to affect food and fuel prices again, though the impact had not yet spread widely across the economy.

Fitch also projected that Ghana’s public debt would continue to decline, forecasting it could fall to around 46% of GDP by 2027.

The agency further expects the country’s economic growth to remain stable over the next few years.

Despite the challenges, Fitch maintained a positive outlook on Ghana’s economy, expressing confidence that continued fiscal discipline and improved public financial management would support further economic stability and recovery.

FKA/MA