Fitch Upgrades Ghana’s Credit Rating from B- to B Amid Global Uncertainty

1. Executive Summary

Fitch Ratings has upgraded Ghana’s Long-Term Foreign-Currency Issuer Default Rating from B- to B with a Positive Outlook, citing declining public debt, fiscal consolidation, strong reserve accumulation, currency appreciation, and improving macroeconomic conditions.

The upgrade represents a significant improvement in Ghana’s sovereign credit profile following years of macroeconomic instability, debt restructuring, high inflation, and external liquidity pressures. The decision signals renewed international confidence in Ghana’s fiscal adjustment programme and broader economic recovery efforts.

However, while the upgrade improves Ghana’s external credibility and investor sentiment, important structural vulnerabilities remain. High debt servicing costs, dependence on commodity exports, vulnerability to external shocks, and limited industrial diversification continue to constrain sustainable economic transformation.

This policy brief by CERPA examines the drivers behind the Fitch upgrade, its implications for Ghana’s economy, and the policy measures required to sustain macroeconomic stability and convert the current gains into long-term inclusive growth.

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