Accra: President John Dramani Mahama has attributed Fitch Ratings' upgrade of Ghana's Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'B-Minus' with a stable outlook from Restricted Default (RD) to prudent economic management embarked upon by the government. Speaking at the opening of the 2025 Ghana-European Union Partnership Dialogue in Accra, President Mahama emphasized Ghana's steady macroeconomic recovery and fiscal governance.
According to Ghana News Agency, the Dialogue was attended by all 10 ambassadors of EU member countries resident in Ghana and over 10 Ghanaian Ministers of State. President Mahama reiterated the government's commitment to restoring macroeconomic stability through prudent fiscal management, enhanced domestic revenue mobilization, and expenditure rationalization. He highlighted collaboration with the Bank of Ghana to stabilize inflation, the cedi, and pursue debt restructuring strategies, contributing to the recent credit outlook upgrade.
President Mahama also mentioned ongoing regulatory and institutional reforms aimed at promoting transparency, reducing inefficiencies, and expanding Ghana's fiscal base. He expressed gratitude for the EU's support in public financial management, domestic revenue reform, and anti-corruption efforts, which are crucial for sustainable growth.
On private sector investment promotion, the President stressed the importance of a thriving private sector in Ghana's transformation. Initiatives such as a unified licensing regime and a nationally structured public-private dialogue framework were highlighted as means to reduce regulatory bottlenecks and incorporate business voices into national policy. A Regulatory Impact Assessment (RIA) regime was introduced to enhance policymaking, ensuring predictability and improving Ghana's competitiveness globally.
President Mahama invited EU businesses and investors to engage in Ghana's transformative journey, particularly as the Ghana Investment Promotion Centre Act is revised to encourage joint ventures and technology transfer. He outlined Ghana's vision to become a regional hub for sustainable agribusiness, value addition, manufacturing, and digital innovation, where European expertise and capital are vital.
EU Ambassador to Ghana, Mr. Irchad Razaaly, acknowledged the shared commitment between the EU and Ghana to effective multilateralism and a rules-based international order. He commended Ghana's constructive role at the UN Security Council and its support for territorial integrity and sovereignty.
Mr. Samuel Okudzeto Ablakwa, Ghana's Minister of Foreign Affairs, called for accelerated cooperation on climate action and green growth to meet targets under the Paris Agreement and UN Sustainable Development Goals. He highlighted the need for EU support to access climate and green funds, as well as carbon market funding, to enhance growth and environmental sustainability.
