The credit rating agency Fitch Ratings has upgraded Ghana’s long-term foreign-currency issuer default rating to “B-,” up from “restricted default,” according to a release.
The agency also upgraded the country’s outlook to stable, pointing to growing investor confidence in the economy of the cocoa, gold, and crude oil exporter.
According to the release issued late Monday, the upgrade reflects Fitch’s assessment that Ghana has normalized relations with a significant majority of external commercial creditors.
“We expect Ghana to fully complete its external debt restructuring by the end of 2025,” Fitch said.
Theo Acheampong, a London-based economist and political risk analyst, described the upgrade as a major endorsement of Ghana’s ongoing economic turnaround.
“I expect the other ratings agencies to follow suit in the coming weeks during their normal rating cycle assessment,” he said in a post on social media.
Acheampong urged the government to stay the course on fiscal discipline.
Ghana recorded a 5.3 percent growth in the first quarter of 2025 as reforms backed by a 3-billion-U.S.-dollar loan from the International Monetary Fund began to take effect.
The West African country commenced reforms in May 2023 after its economy was crippled by ballooning public debt, exchange rate instability, high inflation, and fiscal slippages that triggered severe downgrades by all major rating agencies. Enditem
Source: Xinhua
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