IN A SIGNIFICANT boost to Ghana’s economic recovery, Fitch Ratings has upgraded the country’s credit rating from ‘Restricted Default’ in 2024 to ‘B-‘, assigning a ‘Stable’ outlook. This marks a pivotal moment as Ghana emerges from its worst financial crisis in years.
The upgrade reflects Ghana’s successful normalization of relations with external commercial creditors and its commitment to fiscal reforms. Fitch anticipates the completion of Ghana’s external debt restructuring by the end of 2025, signaling confidence in the nation’s economic trajectory.
Finance Minister Cassiel Ato Baah Forson has implemented substantial spending cuts to support the recovery, while President John Dramani Mahama has pledged to stimulate the economy and create new jobs.
This positive assessment by Fitch aligns with similar actions by other rating agencies. In May, S&P Ratings raised Ghana’s foreign currency issuer rating to ‘CCC+’ from ‘Selective Default,’ citing improvements in creditworthiness as the country approaches the conclusion of its debt restructuring process.
The ‘Stable’ outlook assigned by Fitch suggests that Ghana’s economic recovery is on a steady path, supported by government initiatives aimed at fiscal discipline and economic restoration.
Overall, these developments indicate a positive trajectory for Ghana’s economy, reflecting the country’s commitment to restoring fiscal stability and fostering sustainable growth.
Source: Nationaltymes.com
