Fitch Ratings has upgraded Ghana’s sovereign credit rating from B- to B with a positive outlook, citing strong economic growth, sharp debt reduction, fiscal discipline and rising international reserves.
The international ratings agency, in its latest assessment released on Friday, May 8, 2026, said the upgrade reflects a sharp decline in the country’s public debt-to-GDP ratio, supported by robust economic growth.
“The upgrade reflects a sharp fall in public debt/GDP, supported by robust real GDP growth,” the agency stated.
According to Fitch, Ghana’s substantial fiscal consolidation efforts, currency appreciation and marked increase in international reserves have significantly reduced external liquidity risks despite prevailing global economic uncertainties.
The agency projected that Ghana’s public debt would continue to decline to 46 percent of Gross Domestic Product (GDP) by 2027, below the median forecast for countries rated in the B category.
Fitch also highlighted Ghana’s improving external position, noting that strong current account surpluses, foreign direct investment inflows and support from multilateral institutions are expected to increase international reserves to the equivalent of 4.8 months of external payments by 2027.
The ratings agency disclosed that Ghana’s unencumbered reserves increased by US$5.4 billion in 2025 to US$12.3 billion.
It further pointed to Ghana’s record current account surplus of 8.2 percent of GDP in 2025, driven largely by strong gold exports and favourable global gold prices.
“Ghana is expected to maintain primary fiscal surpluses of 1.5 percent of GDP in both 2026 and 2027, following a record 2.9 per cent surplus in 2025. Ghana has significantly improved public financial management, and this lowers the risk of short-term fiscal slippages,” the agency stated.
Fitch expects Ghana’s economy to maintain strong growth through 2027, averaging about five percent, driven by gold mining, improved consumer confidence, lower inflation and easing borrowing costs.
However, the agency warned that weaker fiscal performance, rising inflation or failure to continue building external reserves could negatively affect Ghana’s rating in future.
It added that continued fiscal prudence, sustained economic reforms and stronger reserve accumulation could result in further upgrades in the coming years.
By Ebenezer K Amponsah