Moody’s upgrades Ghana’s credit ratings to B3, but changes outlook to stable

Moody’s has upgraded Ghana's credit rating to B3 from Caa1, but has changed the outlook to stable, according to the agency's latest report from October 9, 2026. The ratings agency, which defines B ratings as speculative and subject to high credit risk, believes Ghana's economy is now in a better position to meet its debt obligations compared to a year ago.

This upgrade is primarily due to sustained easing of Ghana's domestic financing conditions, resulting in lower financing costs and improved debt affordability. Despite external headwinds from the Middle East conflict, Moody’s notes that Ghana's financing costs have remained lower, thanks to fiscal discipline and institutional reforms.

The agency also highlighted the positive impact of favorable export prices, particularly for gold, on Ghana's external accounts. The decision to change the outlook from positive to stable is based on the expectation that Ghana's macroeconomic stability and reduced government liquidity risks will remain sustained. This, in turn, is supported by favorable export dynamics, a lengthening track record of fiscal discipline, and ongoing progress in building external buffers.

As a result, Ghana's local currency country ceiling has been raised to Ba3 from B1, and its foreign currency country ceiling increased to B1 from B2. The non-diversifiable risks associated with Ghana's ratings are captured by a local currency ceiling three notches above the sovereign rating, taking into account the relatively predictable institutions, government actions, and the track record of political stability.