In response to the recent credit upgrade by Global Credit Ratings Agency, Fitch, Dr. Cassiel Ato Forson, Minister of Finance, has declared that the positive move is only the beginning of a broader economic resurgence if the right policies are sustained and deepened.
Dr. Forson welcomed the international ratings agency’s decision to revise Ghana’s sovereign credit rating upward, describing it as “a signal of renewed investor confidence, but also a call to do more.
Fitch Ratings, in its latest report, cited improved macroeconomic indicators, the government’s progress with debt restructuring under the IMF programme, and stabilising inflation as key reasons for the revised outlook. Ghana, which had seen its ratings downgraded amid a prolonged economic crisis in 2022–2023, has been on a path of recovery buoyed by external support and cautious fiscal reforms.
Fitch upgraded Ghana’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘B-‘ from ‘Restricted Default (RD)’, marking a significant milestone in the country’s slow but steady recovery from its most severe economic crisis in decades.
The upgrade reflects Fitch’s assessment that Ghana has successfully normalised relations with the bulk of its external commercial creditors and is on track to complete its debt restructuring by the end of 2025.
The decision, announced on Monday, comes just a month after rival agency S&P Global Ratings also raised Ghana’s sovereign foreign currency credit rating to ‘CCC+’, citing improved creditworthiness as the West African nation draws closer to finalising its comprehensive debt restructuring deal.
Ghana’s government has restructured $13.1 billion of its Eurobond debt as of October 2024, with only $2.6 billion in non-performing external debt yet to be restructured.
Fitch estimates that $700 million of this outstanding amount is commercial debt, representing just 5% of the original restructuring perimeter.
Negotiations with the remaining holdout creditors are ongoing, and Fitch considers the risk of prolonged delay minimal.
On the bilateral side, Ghana ratified a Memorandum of Understanding (MoU) in January 2025 covering $5.1 billion of official debt.
The outstanding balance includes $1 billion owed to supranational institutions such as the IMF and World Bank and $840 million owed to bilateral creditors classified as “official” under Fitch’s criteria.
Fitch is optimistic that the full restructuring process will be concluded by the close of 2025, solidifying Ghana’s return to international credit markets.
Ato Forson, reacting to the development on his X page, described the upgrade as a significant milestone and a vote of confidence in Ghana’s future.
He said “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.”
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. https://t.co/Ji8fbWHHuo.
— Cassiel Ato Forson (PhD) (@Cassielforson) June 16, 2025
