Accra, May 8, 2026 – Fitch Ratings has upgraded Ghana’s Long-Term Foreign-Currency Issuer Default Rating from B- to B, citing strong economic growth, debt reduction, and rising international reserves.
The upgrade reflects Ghana’s robust fiscal management, falling public debt, and record current account surplus of 8.2% of GDP in 2025, supported by gold exports and favorable global prices. Inflation also fell to 3.2% in March 2026, its lowest since 1999, highlighting improving macroeconomic stability.
Fitch expects Ghana’s public debt to decline to 46% of GDP by 2027 and projects sustained economic growth of around 5%, driven by gold mining, lower borrowing costs, and rising consumer confidence. International reserves are forecast to cover 4.8 months of external payments by 2027.
Despite the positive outlook, Fitch cautions that high debt servicing costs and vulnerability to external shocks remain risks. Continued fiscal prudence and reserve accumulation could lead to further upgrades.
