\n
International credit rating agency Moody\u2019s has upgraded Ghana\u2019s long-term local and foreign currency issuer ratings to \u201cCaa2\u201d from \u201cCaa3\u201d and \u201cCa,\u201d respectively, citing extensive debt treatment that has significantly alleviated the government\u2019s financial burdens.<\/strong><\/p>\nMoody\u2019s upgrade Ghana on Friday October 11.<\/p>\n
The agency also revised the West African country\u2019s outlook to \u201cpositive\u201d from \u201cstable.\u201d<\/p>\n
The \u201cpositive outlook reflects the potential for liquidity risk to ease amid ongoing fiscal consolidation efforts supported by an IMF programme,\u201d Moody\u2019s said in a statement.<\/p>\n
Last week, the International Monetary Fund staff and officials in Ghana reached an agreement on their third review of the country\u2019s $3 billion loan programme.<\/p>\n
In October, more than 90% of Ghana\u2019s bondholders approved a $13 billion debt overhaul, paving way for the gold and cocoa producer to emerge from its near $30 billion debt default in 2022.<\/p>\n
Ghana\u2019s debt restructuring is expected\u00a0to reduce\u00a0its debt stock by $4.7 billion and provide cash flow relief worth a total of $4.4 billion during the period of the IMF programme, which expires in 2026, the government said in June.<\/p>\n
Advertisement \u00b7 Scroll to continueReport this ad<\/p>\n
The country\u2019s statistics agency\u00a0said\u00a0in September that Ghana\u2019s economy grew by 6.9% in the second quarter of 2024, the fastest in five years.<\/p>\n
Moody\u2019s also said it expects the country\u2019s debt to keep decreasing, though at a slow pace as the government resumes paying interest and principal on all its debts.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"
International credit rating agency Moody\u2019s has upgraded Ghana\u2019s long-term local and foreign currency issuer ratings to \u201cCaa2\u201d from \u201cCaa3\u201d and \u201cCa,\u201d respectively, citing extensive debt treatment that has significantly alleviated the government\u2019s financial burdens. Moody\u2019s upgrade Ghana on Friday October 11. The agency also revised the West African country\u2019s outlook to \u201cpositive\u201d from \u201cstable.\u201d The […]<\/p>\n","protected":false},"author":1,"featured_media":231615,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-231614","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"\n
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