We will upgrade Ghana’s credit ratings if government maintains fiscal discipline, policy effectiveness – Moody’s

It added that a durable erosion of foreign-currency buffers, possibly due to a large and sustained external shock, that threatened macroeconomic stability and the government's capacity to service its foreign-currency obligations, would also lead to downward rating pressure.

The financing costs have also remained lower despite external headwinds from the Middle East conflict, something Moody’s described as a reflection of continued fiscal discipline, which is underpinned by institutional improvements, and favourable export prices that support macroeconomic stability.

Ratings agency, Moody’s, says it will upgrade Ghana’s ratings on the back of a lengthening track record of the government's spending discipline and sustained improvements in revenue generation, demonstrating improving fiscal policy effectiveness.