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

Moody's has raised Ghana's credit rating to B3 from Caa1, but its outlook has been set to stable, according to the agency's latest report released on October 9, 2026. In the ratings definition, B-rated obligations are considered speculative and are exposed to high credit risk, placing them at the lower end of the non-investment grade. However, this upgrade suggests that Ghana is now in a better position to meet its debt obligations compared to a year ago, according to some market analysts.

The upgrade was primarily driven by sustained easing of Ghana's domestic financing conditions, resulting in lower financing costs and enhanced debt affordability. Despite external headwinds from the Middle East conflict, Ghana's financing costs have remained relatively lower, reflecting continued fiscal discipline bolstered by institutional improvements and favorable export prices that contribute to macroeconomic stability. Moody's expects this improvement to persist.

The agency's decision to change Ghana's outlook from positive to stable is based on expectations that Ghana's macroeconomic stability and reduced government liquidity risks will remain sustained. Factors supporting this assessment include favorable export dynamics and a lengthening track record of fiscal discipline. Additionally, ongoing progress in building external buffers could further enhance Ghana's resilience to future terms-of-trade shocks.

In April 2026, Moody's had maintained Ghana's credit ratings at Caa1 but upgraded its outlook to positive, citing continuing credit constraints and high susceptibility to exchange rate and commodity price volatility, particularly amid the ongoing Middle East conflict.