Moody’s has upgraded Ghana’s long-term local and foreign currency issuer ratings, citing improvements in debt management.
The ratings moved from “Caa3” to “Caa2” and from “Ca” to “Caa2,” reflecting Ghana’s progress in addressing its financial challenges through debt restructuring efforts.
Additionally, Moody’s revised Ghana’s outlook from “stable” to “positive,” highlighting reduced liquidity risks, aided by fiscal consolidation efforts under an International Monetary Fund (IMF) program.
The news follows Ghana’s impressive economic performance, with a 6.9% GDP growth in the second quarter of 2024—the fastest in five years. The services sector grew by 5.8%, the industrial sector surged 9.3%, and agriculture expanded by 5.4%, despite challenges in the cocoa industry.
Moody’s expects Ghana’s debt burden to gradually decrease as the country resumes interest and principal payments, signaling increased investor confidence in the nation’s fiscal responsibility.
