Global credit ratings agency Moody’s has upgraded Ghana’s long-term local and foreign currency issuer ratings to “Caa2” from “Caa3” and “Ca,” respectively, citing extensive debt treatment efforts that have significantly reduced financial pressures on the government.
The upgrade also came with a revised outlook from “stable” to “positive,” reflecting Moody’s view that liquidity risks may ease further as the country continues its fiscal consolidation, supported by an International Monetary Fund (IMF) programme.
Reacting to the development, Richard Ahiagbah, Director of Communications for the New Patriotic Party (NPP), took to X to underscore the importance of this rating.
Mr. Ahiagbah said the credit upgrade confirms the ongoing recovery of Ghana’s economy, pointing to the 5.8% average growth recorded in the first two quarters of 2024.
He called on the opposition, particularly the National Democratic Congress (NDC) and former President John Mahama, to acknowledge the positive economic gains. “Praise when it is due! It’s possible!” Ahiagbah wrote, urging recognition of the country’s progress amid the government’s fiscal reforms.
