Global credit ratings agency, Moody's, has upgraded Ghana's long-term local and foreign currency issuer ratings to 'Caa2' from 'Caa3' and 'Ca.' Also Moody's shifted Ghana's outlook from 'stable' to 'positive,' in view of the reduction in Ghana's debt situation.
In a statement issued on Friday, Moody's said the upgrade marked a significant improvement for Ghana, driven by the country's extensive debt restructuring. "The positive outlook reflects the potential for liquidity risk to ease amid ongoing fiscal consolidation efforts supported by an IMF programme," Moody's said.
It said it had completed a periodic review of Ghana's ratings, including its long-term issuer ratings of Caa3 for local currency and Ca for foreign currency.
The upgrade in Ghana's credit rating, according to Moody's was a result of the country's successful debt restructuring.