The Fitch Ratings office sign displayed on a prominent city building, representing financial and credit rating services.
Ghana’s economic recovery is gaining momentum as Fitch upgrades the country’s credit rating to ‘B-’, citing restored creditor confidence and falling inflation. The move follows a similar upgrade by S&P in May and comes as inflation dropped to 18.4%—the lowest since early 2022. However, Ghana’s economic recovery remains fragile. While the cedi’s stabilization and easing price pressures offer hope, the Bank of Ghana’s high interest rate of 28% continues to constrain borrowing and investment, especially for small businesses. Furthermore, private investors remain wary due to Ghana’s high public debt and vulnerability to global shocks. Nevertheless, analysts view this moment as a potential turning point—if businesses and policymakers act decisively to build on the country’s fragile but improving economic footing.
Africa Forbes