Fitch Ratings has raised Ghana’s Long‑Term Issuer Default Rating (IDR) to “B/Positive” from “B‑/Stable”, citing a sharp decline in government debt to GDP and a rise in international reserves. The upgrade reflects the country’s improved fiscal position and the expectation of continued prudence.
Capitalisation has rebounded from the sovereign debt restructuring launched in December 2022, thanks to high profitability driven by elevated interest rates. The banking sector’s total capital adequacy ratio stood at 20.4% at the end of June 2026, more than double the 10% regulatory minimum. Most banks also exited regulatory forbearance introduced during the sovereign default.
Fitch noted that the sector’s impaired loans ratio fell from 23.1% at the end of 2025 to 16.1% at the end of the first half of 2026, driven by robust credit growth and improving economic conditions. The rating agency expects the ratio to decline further as banks write off loans to meet a 10% prudential limit effective end‑2026.
In line with the sovereign upgrade, Fitch upgraded Guaranty Trust Bank (Ghana) Ltd and United Bank for Africa Ghana Ltd to “B/Positive” from “B‑/Stable” and raised their operating environment scores, recognising their large holdings of government securities.
Fitch’s positive outlook also hinges on sharp reductions in inflation and interest rates, a stabilised exchange rate, and strong real GDP growth, with economic spill‑overs from the Iran conflict contained.
