Ratings agency Moody’s has upgraded Ghana’s credit ratings to B3 from Caa1.
The US-based firm, however, changed the country’s outlook from positive to stable.
This was captured in the Agency’s latest report on the country on Friday October 9, 2026.
According to the ratings definition, Moody’s obligations rated at B are considered speculative and are subject to high credit risk.
This is also closer to the lower end of the non-investment grade.
But, for some market analysts, this is still however advice from Moody’s to investors that Ghana is now in a better position to meet its debt obligations than a year ago, based on some positive developments in the Ghanaian economy.
Reasons for Ratings
According to Moody’s, the action was influenced by what it describes as sustained easing of Ghana’s domestic financing conditions, which has led to lower financing costs and improved debt affordability.
The Agency also maintained that Ghana’s financing cost have remained lower. This is despite external headwinds from the Middle East conflict, reflecting continued fiscal discipline underpinned by institutional improvements and favourable export prices that support macroeconomic stability.
Moody’s noted in its latest analysis on Ghana that it “expects improvement to last”.
The ratings agency said the improved assessment is partly due to sustained fiscal discipline and institutional reforms.
This it says has helped contain financing costs despite external economic pressures, including the conflict in the Middle East.
IT also highlighted the favourable commodity prices, particularly gold, as an important source of support for Ghana’s external accounts.
Decision to Revise Positive to Stable
On the decision to revise Ghana’s outlook to stable, Moody’s said this is based on the expectation that Ghana’s macroeconomic stability and reduced government liquidity risks will be sustained, supported by favourable export dynamics.
On the upside, Moody’s said a lengthening track record of fiscal discipline and ongoing progress in building external buffers could enhance Ghana’s resilience to future terms-of-trade shocks.
Ghana’s local currency (LC) country ceiling has been raised to Ba3 from B1 and the foreign currency (FC) country ceiling to B1 from B2.
The country’s non-diversifiable risks are captured in a LC ceiling three notches above the sovereign rating, taking into account relatively predictable institutions and government actions and the track record of political stability, balanced against a large government footprint in the economy and the financial system.
Ghana’s Ratings Review
In April 2026, Moody’s maintained Ghana’s credit ratings at Caa1, but changed outlook to positive.
At that time, it argued that the decision this reflected the continuing credit constraints and high susceptibility to exchange rate and commodity price volatility, especially with the ongoing Middle East conflict.