Dr Omane Boamah shades NPP over recent Fitch upgrade of Ghana's economy

The Minister of Defence, Dr Edward Omane Boamah, has criticised the New Patriotic Party (NPP) for its failure to stabilise the economy, despite the establishment of the Economic Management Team to address Ghana’s economic challenges.

He accused the NPP of reckless expenditures and the misuse of the country's resources during its tenure in office.

In a Facebook post sighted by GhanaWeb, following the upgrade of Ghana’s Long-Term Foreign-Currency Issuer Default Rating (IDR) from Restricted Default to ‘B-’ with a Stable Outlook, Dr Boamah reaffirmed the government’s commitment to resetting the economy.

“We told you the NPP was wasting your precious time and material resources with unnecessary talk and needless expenditures. We told you the NPP is incompetent! Fitch, a reputable rating agency, has upgraded Ghana’s economy from JUNK under the ‘What A Solid Team’ to ‘B-’ with a promising outlook under the John Dramani Mahama-led NDC government. We’re #ResettingGhana #BuildingGhanaTogether #ActivateAllBodyCameras,” his post read.

On Monday, June 16, 2025, Fitch Ratings, an international rating agency, upgraded Ghana’s Long-Term Foreign-Currency Issuer Default Rating (IDR) from Restricted Default to ‘B-’ with a Stable Outlook.

This upgrade follows Ghana’s ongoing efforts in fiscal consolidation and significant progress in restructuring its external debt.

A key aspect of this progress is the successful reorganisation of $13.1 billion in Eurobond liabilities, along with near-finalised negotiations with remaining external creditors.

Fitch stated that Ghana has re-established formal engagement with most commercial creditors and remains on track to complete its full debt restructuring process by the end of 2025.

Read the Defence minister's post below:



SA/AE

Watch the latest edition of BizTech below:



Click here to follow the GhanaWeb Business WhatsApp channel

Ever heard of Nkofie, the legendary Kwahu cave believed to grant wishes? Join GhanaWeb's People & Places as they take you on an exclusive tour of this mystical site on GhanaWeb TV: