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Ghana Upgraded to B by Fitch
May 11, 2026
Ghana was upgraded by a notch to B from B- by Fitch. The upgrade is anchored by a sharp decline in public debt, which fell by 21% in 2025 driven by cedi appreciation and fiscal consolidation, and is projected to reach 46% of GDP by 2027. International reserves also strengthened significantly, rising by $5.4bn in 2025 to $12.3bn, with further accumulation expected, supported by large current account surpluses, net FDI inflows, and multilateral disbursements. Ghana hit a record current account surplus of 8.2% of GDP in 2025, which is expected to remain positive through 2027. On the fiscal front, it achieved a record primary surplus of 2.9% of GDP in 2025 and is expected to maintain surpluses of 1.5% through 2026–27, underpinned by improved public financial management. However, the interest-to-revenue ratio remains elevated at around 20%. Debt service obligations are also rising as Eurobond amortisations begin, though strong reserve levels are expected to comfortably cover these. Inflation declined dramatically to 3.2% YoY in March 2026, its lowest since 1999. Fitch expects the central bank to pause its easing cycle to keep inflation risks in check. Real GDP growth is projected to average around 5% through 2027, supported by gold mining activity, improving consumer confidence, and easing borrowing costs.
Its 5% 2035s traded stable at 93.2, yielding 6.7%.
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