Credit rating agency, Moody’s
International ratings agency Moody’s has upgraded Ghana’s long-term foreign currency credit rating from Caa2 to Caa1,
The agency attributed the development to stronger prospects for debt reduction and macroeconomic stability under the country’s ongoing IMF-supported reform program.
Moody’s also revised Ghana’s outlook to stable from positive, reflecting growing confidence in the country’s fiscal trajectory.
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In a statement issued on Friday, October 10, 2025, Moody’s said the upgrade reflects continued fiscal consolidation, progress in debt restructuring, and improved foreign reserve buffers, which have strengthened Ghana’s capacity to meet external obligations.
“Greater macroeconomic stability and favorable external dynamics are supporting more controlled funding costs and foreign exchange reserve replenishment,” the agency noted.
According to Moody’s, Ghana’s debt metrics are now on a clearer path toward sustainability, supported by prudent budget management and reforms under the IMF Extended Credit Facility (ECF).
Meanwhile, Ghana’s economy continues to show signs of solid recovery in 2025, with single-digit inflation, a firmer cedi, and renewed investor confidence. Additionally, the government continues to post primary surpluses and tighten expenditure controls in line with the Fiscal Responsibility Framework.
The latest upgrade by Moody’s is expected to lower borrowing costs, boost market sentiment, and improve access to international capital markets, which are key steps toward sustaining growth and completing ongoing debt restructuring efforts with private creditors.
MA