“This is only the beginning” — Ato Forson declares as Ghana secures Fitch upgrade

Ghana’s economic reform efforts have received a major boost as global ratings agency Fitch upgraded the country’s Long-Term Foreign-Currency Issuer Default Rating (IDR) from ‘Restricted Default’ to ‘B-’ with a Stable Outlook.

The upgrade is a clear endorsement of the decisive fiscal and debt management measures led by Finance Minister Dr. Cassiel Ato Forson.

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, Finance Minister Dr. Cassiel Ato 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.”

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 falling, reaching 15% in 2025 and 10% by 2026. The cedi has also seen significant appreciation since April, easing import costs and stabilising fuel prices.

Under Dr. Forson’s leadership, 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 Finance Minister’s firm stance on fiscal discipline and structural reforms has earned praise from international partners and market analysts, many of whom now view Ghana’s economy as being on a clear path to stability and sustainable growth.

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.

The rating upgrade is expected to facilitate Ghana’s re-entry into global capital markets, ease borrowing costs, and attract renewed investment across key sectors.