Credit ratings agency, Moody’s has revised Ghana’s outlook to “positive” from “stable,” pointing to improving public finances as the country gradually recovers from its recent economic crisis.
Despite the improved outlook, Moody’s maintained Ghana’s long-term rating at “Caa1”, citing persistent credit risks and vulnerability to external shocks, including exchange rate pressures and commodity price volatility, particularly in the context of the ongoing Middle East conflict.
Ghana, a major producer of gold, oil and cocoa, is emerging from one of its most severe downturns in decades, with signs of stabilisation beginning to take hold across key macroeconomic indicators.
During the presentation of the 2026 Budget Statement and Economic Policy to Parliament last November, Finance Minister Dr. Cassiel Ato Forson indicated that Ghana is positioning itself for sustained growth in 2026, underpinned by ongoing fiscal consolidation efforts.
Highlighting recent gains, Moody’s said: “Domestic financing costs have declined amid monetary easing and an improved fiscal position, while the resumption of domestic bond issuances will, if sustained, gradually reduce rollover risk.”
Ghana recently returned to the domestic bond market after lifting restrictions on new issuances in March, successfully issuing its first seven-year bond in April. This marks a significant step following a suspension in 2023 after the country defaulted on its debt.
