Ghana’s ratings are raised to “B-” by Fitch, bringing it closer to investment grade

Ghana’s ratings were raised from “restricted default” to “B-” by ratings agency Fitch on Monday, indicating that the nation has restored relations with a sizable majority of its foreign commercial debtors.

After issues in its vital cocoa and gold industries prompted the government to restructure its debt, the gold-producing country is now emerging from its worst economic crisis in decades.

In its analysis, Fitch stated, “We anticipate Ghana will finish restructuring its external debt by the end of 2025.”

Cassiel Ato Forson, the finance minister of Ghana, declared in March that the new administration will drastically reduce expenditure this year in an effort to boost the country’s economy.

Due to improvements in creditworthiness as it approaches the end of its debt restructuring, rival agency S&P Ratings upgraded Ghana’s foreign currency issuer rating from “selective default” to “CCC+” in May.

Since taking office in January, President John Dramani Mahama has pledged to generate employment and strengthen the economy.

Fitch also gave the nation a “stable” outlook.