Ghana’s ability to repay debt improves as borrowing costs fall – Moody’s Ratings

Moody’s Ratings has upgraded Ghana’s sovereign credit rating to B3 from Caa1, citing sustained improvements in domestic financing conditions, lower government borrowing costs and continued fiscal discipline as the country strengthens its recovery from the 2022 debt crisis.

The rating agency also revised Ghana’s outlook from positive to stable, signalling confidence that recent gains in the country’s credit profile will be maintained, although further upgrades are not expected in the near term.

According to Moody’s latest assessment dated October 9, 2026, the upgrade reflects the government’s improved ability to meet its financial obligations compared with its previous Caa1 rating.

Moody’s said easing domestic financing conditions have contributed to lower borrowing costs and improved debt affordability, helping to reduce pressures on public finances.

The agency noted that Ghana’s borrowing costs have remained relatively contained despite external challenges, including the economic impact of the ongoing conflict in the Middle East.

It attributed the country’s resilience to continued fiscal discipline, stronger institutions and favourable export prices, which have supported government revenues and broader macroeconomic stability.

Despite the upgrade, Ghana remains within Moody’s speculative-grade category and yet to regain investment-grade status as the economy remains exposed to fiscal, financial and external vulnerabilities.