- This positive outlook reflects the potential for reduced liquidity risk
- Ghana's economy has also shown strong growth
- Moody's expects the country's debt levels to continue decreasing
Global credit rating agency Moody’s has upgraded Ghana’s long-term local and foreign currency issuer ratings, citing significant improvements in the country’s financial situation.
The agency raised Ghana’s ratings to “Caa2” from “Caa3” and “Ca,” respectively, and revised the outlook to “positive” from “stable.”
This positive outlook reflects the potential for reduced liquidity risk as the government continues its fiscal consolidation efforts supported by an International Monetary Fund (IMF) program.
Ghana’s economy has also shown strong growth, expanding by 6.9% in the second quarter of 2024, the fastest pace in five years.
Moody’s expects the country’s debt levels to continue decreasing, albeit slowly, as the government resumes interest and principal payments on all its debts.
