Ghana Earns Credit Boost from Moody’s Following Fiscal Stabilisation Efforts
International ratings agency Moody’s has upgraded Ghana’s long-term foreign currency credit rating from Caa2 to Caa1, citing strong progress in fiscal consolidation, debt restructuring, and macroeconomic stability under the ongoing IMF-supported reform programme.
The outlook has also been revised from positive to stable, reflecting growing confidence in Ghana’s fiscal management and debt sustainability.
Moody’s noted that Ghana’s improved credit standing follows tangible gains in restoring economic balance including a decline in public debt, stronger foreign reserves, and steady progress in lowering inflation.
According to the agency, “Greater macroeconomic stability and favourable external conditions are supporting more controlled funding costs and foreign exchange reserve replenishment.”
As of July 2025, Ghana’s public debt had declined to ₵629 billion ($51.6 billion), or 44.9% of GDP, down from ₵764 billion (64.9%) a year earlier. The country’s international reserves also grew by 43% to $10.7 billion by August, while inflation fell to 9.4% in September the first single-digit rate in four years.
The upgrade follows the IMF’s recent staff-level agreement with Ghana under the $3 billion Extended Credit Facility (ECF), paving the way for a $385 million disbursement pending board approval.
The IMF has commended Ghana’s efforts in stabilising inflation, maintaining fiscal discipline, and rebuilding reserves developments that have improved investor confidence and lowered the risk of fiscal deterioration.
Analysts say the upgrade could help Ghana access international capital markets at lower costs, boosting growth prospects and supporting the country’s ongoing debt restructuring process.
