Govt Hails Fitch B- Rating

Dr. Cassiel Ato Forson

 

The Minister for Finance, Dr. Cassiel Ato Forson, has pledged the government’s commitment to initiate and implement policies that seek to revive the country’s economy in the coming days.

This assertion is in reaction to the Fitch upgrade update, which places the country’s Long-Term Foreign-Currency Issuer Default Rating (IDR) from ‘Restricted Default’ to ‘B-’ with a stable outlook.

Fitch credited the upgrade to Ghana’s successful restructuring of $13.1 billion in Eurobond debt, steady fiscal consolidation, and the country’s improving macroeconomic outlook. The agency also highlighted falling inflation, a strengthening Cedi, and a rebound in investor confidence as key indicators of Ghana’s economic turnaround.

Reacting to the development on his X page, Dr. Forson described the upgrade as a significant milestone and a vote of confidence in Ghana’s future.

“I assure you – this is only the beginning. We are unwavering in our resolve to fully revive the economy and deliver lasting relief and shared prosperity to you, the good people of Ghana,” the post read.

Inflation, which peaked at over 50% in early 2023, has now declined to 18.4% as of May 2025, the lowest in more than three years. Fitch projects it will continue to fall, reaching 15% in 2025 and 10% in 2026. The cedi has also seen significant appreciation since April, easing import costs and stabilising fuel prices.

Ghana’s fiscal deficit has narrowed sharply, and debt levels are expected to decline to 60% of GDP in 2025, down from 93% in 2022. Gross international reserves have risen to $6.8 billion, and the government is targeting a primary budget surplus by the end of the year.

The Fitch report also forecasts real GDP growth of 4% in 2025, supported by a recovery in agriculture, expansion in industry, and strong performance in the services sector.

As Ghana rebuilds international confidence and restores macroeconomic stability, Dr. Forson says the government remains committed to protecting the livelihoods of Ghanaians and ensuring inclusive growth.

 

By Prince Fiifi Yorke

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