Credit ratings agency, Moody’s, has maintained Ghana’s ratings at “Caa1”.
According to the ratings agency, this reflects continuing credit constraints and high susceptibility to exchange rate and commodity price volatility, especially with the ongoing Middle East conflict.
It, however, revised Ghana’s outlook to “positive” from “stable”, citing an improvement in the country’s finances.
The US-based firm said domestic financing costs have declined amid monetary policy easing and an improved fiscal position.
“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 issued its first 7-year bond in April 2026, ending a suspension in 2023 following the Domestic Debt Exchange Programme (DDEP).
This came after lifting restrictions on new domestic bond issuance in March 2026.
