In a significant boost to Ghana's economic outlook, Fitch Ratings has upgraded the country's credit rating to 'B-' from 'restricted default'. This positive development reflects Ghana's successful efforts to normalize relations with a majority of its external commercial creditors. The upgrade is a testament to the nation's resilience and commitment to economic recovery, especially after facing challenges in its vital cocoa and gold sectors. Fitch anticipates that Ghana will complete its external debt restructuring by the end of 2025, further solidifying its financial stability.
Finance Minister Cassiel Ato Forson has been at the forefront of these recovery efforts, announcing substantial spending cuts aimed at revitalizing the economy. President John Dramani Mahama, who assumed office in January, has also pledged to stimulate economic growth and create new job opportunities. The 'stable' outlook assigned by Fitch indicates confidence in Ghana's financial stabilization efforts. This upgrade not only enhances Ghana's creditworthiness but also positions the country as an attractive destination for investment, paving the way for sustained economic growth and prosperity.