Moody's revises Ghana's outlook to 'positive' on improvement in domestic financing

Credit ratings agency Moody's ​revised Ghana's outlook to "positive" from "stable" ‌on Friday, citing an improvement in the country's finances.

The gold-, oil- and cocoa-producing nation in West ​Africa is emerging from its ​most severe economic crisis in decades. During ⁠a to parliament last November, ​Finance Minister Cassiel Ato Forson said ​Ghana was poised for sustained growth in 2026.

"Domestic financing costs have declined amid monetary easing and ​an improved fiscal position, while the ​resumption of domestic bond issuances will, if sustained, ‌gradually ⁠reduce rollover risk," Moody's said in its report.

The sovereign lifted restrictions on new domestic bond issuance in March and issued its ​first seven-year ​domestic bond ⁠in April, ending a pause implemented in 2023 following a ​debt default.

However, the agency maintained ​Ghana's ⁠ratings at "Caa1", reflecting continuing credit constraints and high susceptibility to exchange rate and ⁠commodity ​price volatility, especially with ​the ongoing Middle East conflict.