Minister of Finance, Dr Ato Forson
Global credit rating agency Fitch Ratings has upgraded Ghana’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘B-‘ from ‘Restricted Default’ (RD), citing significant progress in restructuring external commercial debt.
The outlook for the country has been rated as ‘Stable’ by the international agency.
The latest upgrade follows the government’s successful restructuring of some $13.1 billion in Eurobond debt in October 2024.
According to Fitch’s commentary published on its website on Monday, June 16, 2025, Ghana has now normalised relations with the vast majority of its external commercial creditors.
However, approximately $2.6 billion of external debt remains to be restructured.
Additionally, Fitch estimates that $700 million of this is commercial debt, equivalent to just 5 percent of the total initially targeted for restructuring.
Fitch in its commentary also noted that negotiations with these remaining creditors are ongoing, though Fitch assesses the risk of default or disruption from them as low.
The rating agency said the development further reflects improved investor confidence and the government’s commitment to restoring debt sustainability after the default triggered by macroeconomic shocks and fiscal pressures in recent years.
See the full list of Fitch’s rating actions alongside the commentary:
Fitch Ratings
MA
