President John Mahama has attributed the Fitch Ratings upgrade of Ghana’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘B-Minus’ with stable outlook from Restricted Default (RD) to the prudent economic management embarked upon by the Government.
Speaking at the opening of the 2025 Ghana-European Union Partnership Dialogue in Accra, President Mahama underscored that on macroeconomic recovery and fiscal governance, Ghana’s economic outlook was rebounding steadily.
The Dialogue was attended by all 10 ambassadors of EU member countries resident in Ghana and over 10 Ghanaian Ministers of State.
President Mahama said the Government remains committed to restoring macroeconomic stability through prudent fiscal management, enhanced domestic revenue mobilisation, and expenditure rationalisation.
He noted that working in partnership with the Bank of Ghana, they were stabilising inflation, stabilising the cedi, and pursuing debt restructuring strategies to restore confidence and rebuild the fiscal space for development.
These efforts, he said, were yielding fruits, and only yesterday, the fixed rate exchange agency upgraded Ghana’s credit outlook to a B-minus stable outlook.
“We are also pursuing regulatory and institutional reforms that promote transparency, reduce inefficiencies, and expand our fiscal base,” he said.
He added: “We appreciate the EU’s ongoing support in public financial management, domestic revenue reform efforts, and anti-corruption. All these are essential pillars for sustainable growth.”
On private sector investment promotion, the President said they were acutely aware that the Government alone cannot lead Ghana’s transformation.
He reiterated that a thriving private sector was indispensable in this effort.
To that end, he said they were implementing a unified licensing regime to reduce the regulatory bottlenecks and a nationally structured public-private dialogue framework to ensure that business voices were systematically incorporated into all national policy.
He said, additionally, introducing a regulatory impact assessment Regulatory Impact Assessment (RIA) regime marks a new phase in policymaking, anchoring decisions in data, ensuring predictability, and improving Ghana’s competitiveness in the global market.
“We therefore welcome EU businesses and investors to participate in this transformative journey, especially as we revise the Ghana Investment Promotion Centre Act to promote joint ventures and deeper technology transfer,” he said.
President Mahama said Ghana aims to become a regional hub for sustainable agribusiness, value addition, manufacturing, and digital innovation, where European expertise and capital are invaluable.
Mr. Irchad Razaaly, the EU Ambassador to Ghana, said the EU and Ghana share a steadfast commitment to effective multilateralism, and that they all know what it means today, a rules-based international order.
“I would like to acknowledge the constructive role that Ghana has played at the UN Security Council during its time and as a current member of the Human Rights Council,” he said.
“I would like to acknowledge Ghana’s unwavering support as well to increase territorial integrity and sovereignty in the face of racial migration.”
Mr. Samuel Okudzeto Ablakwa, the Minister of Foreign Affairs, said their cooperation on climate action and green growth must be accelerated to meet the ambitious targets set under the Paris Agreement and the UN Sustainable Development Goals.
He said Ghana’s strategic initiatives in renewable energy and environmental conservation were bolstered by EU support.
He noted that Ghana needs the EU’s further support to unlock climate and green funds, as well as funding from the carbon market to enhance our growth and environmental sustainability.
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