KEY POINTS
- Moody’s upgrades Ghana’s credit rating from ‘Caa3’ to ‘Caa2.’
- The outlook shifts to positive, reflecting reduced liquidity risks.
- Debt restructuring will provide $4.4 billion in cash flow relief.
Ghana’s long-term local and foreign currency issuer ratings were raised from “Caa3” to “Caa2” by Moody’s Investors Service, indicating a major advancement in the nation’s economic recovery. The upgrade shows that after significant debt restructuring efforts and consistent budget consolidation measures, financial pressures have subsided.
Positive outlook reflects liquidity improvements
Ghana’s outlook was also changed from stable to positive by the credit rating agency, indicating that lower liquidity risks are anticipated in the upcoming months.
According to Graphic Online, Moody’s stressed the importance of Ghana’s fiscal initiatives, which were backed by an IMF program. “As fiscal consolidation continues, the positive outlook reflects the potential for easing liquidity risks,” Moody’s said.
This comes after Ghana and IMF officials struck an agreement during the third review of the $3 billion IMF loan program. The nation’s $13 bill was supported by more than 90 percent of bondholders.
Debt relief bolsters economic recovery
Under the IMF program, which runs through 2026, the restructuring is anticipated to relieve $4.4 billion in cash flow and cut Ghana’s debt load by $4.7 billion.
Furthermore, the government has started making payments on its outstanding debts as part of the fiscal plan, and more debt reductions are expected.
According to the national statistics bureau, the second quarter of 2024 had 6.9 percent growth, the greatest in five years, indicating that Ghana’s economy is beginning to revive.
However, with the help of better fiscal management and a return to regular debt servicing, Moody’s predicts that the nation’s debt will continue to progressively decrease. Based on the agency’s prognosis, Ghana’s financial stability operations are proceeding as planned, which will improve the country’s economic prospects even more.
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