Moody’s upgrades Ghana’s credit rating, revises outlook to positive

Credit rating agency, Moody's has upgraded Ghana's long-term local and foreign currency issuer ratings to "Caa2" from "Caa3" and "Ca," respectively.

This is due to the extensive debt treatment that has significantly alleviated the government's financial burdens.

The US-based firm also revised the country's outlook to "positive" from "stable." In a statement, it alluded that the "positive outlook reflects the potential for liquidity risk to ease amid ongoing fiscal consolidation efforts supported by the International Monetary Fund".

Last week, the International Monetary Fund staff and Ghana reached an agreement on their third review of the country's $3 billion Economic Facility Credit (ECF) programme.