Credit ratings agency Moody’s has upgraded the country’s economic outlook to “positive” from “stable,” citing improving public finances as Ghana continues its recovery from a recent economic crisis.
However, the agency maintained the nation’s long-term credit rating at “Caa1,” pointing to ongoing risks, including exposure to external shocks such as exchange rate instability and fluctuations in global commodity prices.
These vulnerabilities, Moody’s noted, are heightened by geopolitical tensions, particularly the ongoing conflict in the Middle East.
The revised outlook signals growing confidence in Ghana’s fiscal trajectory, as the country shows signs of stabilisation after one of its most challenging economic periods in decades.
Ghana’s economy, heavily reliant on exports such as gold, oil, and cocoa, has faced significant strain in recent years but is now gradually regaining momentum.
During the presentation of the 2026 Budget Statement and Economic Policy, the Finance Minister, Dr. Cassiel Ato Forson, outlined government plans to sustain economic recovery through continued fiscal discipline and structural reforms.
He expressed optimism that the nation is positioning itself for stronger growth in 2026.
Moody’s highlighted key improvements supporting the outlook upgrade, noting a decline in domestic borrowing costs driven by monetary easing and a stronger fiscal position.
The agency added that the resumption of domestic bond issuance, if sustained, would help reduce refinancing and rollover risks over time.
The government recently re-entered the domestic bond market after lifting restrictions on new issuances in March.
In April, 2026, the government successfully issued its first seven-year bond since returning to the market, a move seen as a sign of renewed investor confidence.
A Business Desk Report