President John Dramani Mahama has expressed optimism about Ghana's economic trajectory, following a recent upgrade of the country's credit rating by global ratings agency Fitch.
Speaking at the Ghana-European Union Partnership Dialogue, Mahama described the development as evidence that his administration's economic interventions are beginning to yield results. "On macroeconomics and fiscal governance, Ghana's economic outlook is rebounding steadily," the President said. "Our administration remains committed to restoring macroeconomic stability through prudent fiscal management, enhanced domestic revenue mobilisation, and expenditure rationalisation." On Tuesday, June 17, Fitch Ratings upgraded Ghana's Long-Term Foreign-Currency Issuer Default Rating (IDR) from 'Restricted Default' to 'B-' with a Stable Outlook-a significant milestone since the country defaulted on its external debt in 2022.
President Mahama noted that the upgrade reflects renewed investor confidence and the impact of tough decisions taken by government, in collaboration with the Bank of Ghana. "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," he explained.
He added that the administration is also focusing on regulatory and institutional reforms aimed at reducing inefficiencies, improving transparency, and creating room for sustainable public investment. "These efforts are yielding fruit," Mahama stressed, pointing to the Fitch upgrade as a clear signal that Ghana is turning a corner in its fiscal recovery.
