Moody's revises Ghana's economic outlook from 'stable' to 'positive'

Credit ratings agency Moody’s revised Ghana’s outlook to “positive” from “stable” on Friday, citing improvements in the country’s finances.

The gold, oil, and cocoa-producing nation in West Africa is emerging from its most severe economic crisis in decades.

In an address to parliament last November, Finance Minister, Dr Cassiel Ato Forson said Ghana was poised for sustained growth in 2026.

“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,” Moody’s noted in its report.

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The government lifted restrictions on new domestic bond issuance in March and issued its first seven-year domestic bond in April, ending a pause implemented in 2023 following a debt default.

However, the agency maintained Ghana’s rating at “Caa1,” reflecting ongoing credit constraints and high susceptibility to exchange rate and commodity price volatility, particularly amid the continuing Middle East conflict.