Fitch credit upgrade evidence of successful Economic reforms – Mahama

President John Dramani Mahama has welcomed the recent upgrade of Ghana’s credit rating by global ratings agency Fitch, describing it as a clear indication of renewed investor confidence and validation of his administration’s economic recovery agenda.

Speaking at the Ghana-European Union Partnership Dialogue in Accra, President Mahama noted that the country’s macroeconomic indicators are showing signs of steady recovery.

He credited the ongoing reforms in fiscal management, inflation control, and debt restructuring.

President Mahama said, “On macroeconomics and fiscal governance Ghana’s economic outlook is rebounding steadily. Our administration remains committed to restoring macroeconomic stability through prudent fiscal management, enhanced domestic revenue mobilisation, and expenditure rationalisation.”,

“Working in partnership with the Bank of Ghana, we are working to manage inflation, stabilising the Cedi, and pursue debt restructuring strategies to restore confidence and rebuild the fiscal space of the economy. These efforts are yielding fruit and only yesterday the Fitch Rating agency upgraded Ghana’s restricted default to B- with a Stable Outlook. We are also pursuing regulatory and institutional reforms that will reduce inefficiency and improve transparency, expand our fiscal space.”

Fitch’s decision to improve Ghana’s rating follows the successful restructuring of $13.1 billion in Eurobond debt and the country’s progress in resolving its commercial obligations.

Only $2.6 billion in external debt remains under negotiation, with minimal risk of creditor holdouts, according to the agency.

In addition, Ghana’s agreement with official bilateral creditors—valued at $5.1 billion and ratified in January 2025—was also cited as a key factor in the improved rating.

The upgrade, according to government signals growing international confidence in Ghana’s fiscal trajectory.

It also strengthens the country’s position in global financial markets as it seeks to rebuild and attract investment.