Mahama hails Fitch upgrade as proof of economic rebound

President John Dramani Mahama has hailed the recent upgrade of Ghana’s credit rating by global agency Fitch as a sign of renewed investor confidence and a testament to his administration’s efforts at stabilizing the economy.

Fitch Ratings on Tuesday, June 17, upgraded Ghana’s Long-Term Foreign-Currency Issuer Default Rating (IDR) from ‘Restricted Default’ to ‘B-’ with a Stable Outlook.

Speaking at the Ghana-European Union Partnership Dialogue, President Mahama said the development affirms Ghana’s steady economic recovery and the impact of key policy measures taken under his leadership.

“On macroeconomics and fiscal governance Ghana’s economic outlook is rebounding steadily. Our administration remains committed to restoring macroeconomic stability through prudent fiscal management, enhanced domestic revenue moblisation, and expenditure rationalisation. Working in partnership with the Bank of Ghana, we are working to manage inflation, stabilising the Cedi, and pursue debt restructuring strategies to restore confidence and rebuild the fiscal space of the economy. These efforts are yielding fruit and only yesterday the Fitch Rating agency upgraded Ghana’s restricted default to B- with a Stable Outlook.

“We are also pursuing regulatory and institutional reforms that will reduce inefficiency and improve transparency, expand our fiscal space,” he stated.