Fitch Ratings upgrades Ghana’s credit rating to ‘B’ with positive outlook

May 9, 2026 by Seth Yeboah

Fitch Ratings has raised Ghana’s Long-Term Foreign-Currency Issuer Default Rating to ‘B’ from ‘B-’, with a Positive Outlook, citing a sharp fall in public debt, robust growth, tighter fiscal discipline, and a stronger cedi.

The agency said international reserves rose by $5.4 billion in 2025 to $12.3 billion, easing external financing risks. Public debt is forecast to drop to 46% of GDP by 2027, below peers in the same rating band.

Growth is projected to average 5% through 2027, anchored by gold exports, falling inflation, and firmer consumer confidence. Inflation, which edged up to 3.4% in April 2026, is still expected to trend down, though global oil prices remain a risk.

Fitch said the Positive Outlook reflects confidence that the government will sustain prudent fiscal policies and public financial management reforms. It warned, however, that high interest costs, heavier debt service, or fiscal slippage could trigger a downgrade.

Read the full upgrade report here.