Ghana’s public debt is projected to fall to 46% of gross domestic product (GDP) by 2027, Fitch Ratings said, citing fiscal consolidation, stronger economic growth and currency gains following recent macroeconomic stabilisation.
The projected decline compares favourably with the peer median of 51%, reflecting Ghana’s relatively faster pace of fiscal recovery.
Fitch said the outlook is supported by continued, though lower, primary fiscal surpluses, robust real GDP growth and narrowing real interest rates as macroeconomic conditions normalise.
“This follows a 21pp fall in 2025 driven by a sharp appreciation of the cedi and robust fiscal consolidation,” the agency said.
The projection was contained in Fitch’s latest rating action commentary released on Friday, in which the agency upgraded Ghana’s Long-Term Foreign-Currency Issuer Default Rating to “B” from “B-” with a Positive Outlook.
Fitch said Ghana’s debt trajectory is now expected to outperform the median for countries in the same rating category, supported by ongoing reforms and improved public financial management.
Ghana undertook a sweeping domestic and external debt restructuring programme in recent years as part of efforts to restore macroeconomic stability after a severe fiscal and balance-of-payments crisis.
The ratings agency said fiscal discipline, a stronger currency and stabilising inflation have contributed to the accelerated decline in debt levels.
It added that external buffers are also strengthening, supported by rising international reserves driven by current account surpluses, gold exports and multilateral inflows.
Fitch expects reserves to continue building over the medium term, helping to reduce external liquidity risks and strengthen Ghana’s capacity to meet its obligations.
While the outlook is positive, the agency said debt servicing costs remain elevated and could constrain fiscal space despite the improving trajectory.
Fitch said sustaining the improvement will depend on continued fiscal discipline and consistent implementation of reforms aimed at strengthening macroeconomic stability.
