Former Parliamentary Finance Committee Chairman Dr. Mark Assibey-Yeboah has refuted Fitch Ratings’ projections of liquidity challenges for Ghana in 2025 and 2026.
Speaking on Joy News’ PM Express, he described the warnings as “inaccurate,” emphasizing that the assessment fails to account for the financial relief from Ghana’s external debt restructuring.
Dr. Assibey-Yeboah highlighted the anticipated US$8 billion in debt savings, suggesting these would create fiscal space, thereby undermining Fitch’s concerns.
The UK-based agency had predicted that Ghana’s interest-to-revenue ratio would climb to 29% in 2025 and 30% in 2026, nearly double the emerging market average of 16%.
Associate Director of EMEA Sovereign Ratings at Fitch, Thomas Garreau, maintained that Ghana will face liquidity pressures unless significant fiscal reforms are enacted.
He acknowledged recent fiscal consolidation efforts, including a 4.6 percentage-point improvement in the primary fiscal balance between 2022 and 2024, but stressed the need for further adjustments.
Fitch has also projected Ghana’s exit from sovereign default by July 2025, contingent on completing external debt restructuring by June 2025.
However, the agency warned that robust economic strategies and sustained fiscal discipline are critical to mitigating future liquidity risks.
