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Ghana Upgraded to B3 by Moody’s
October 12, 2026
Ghana was upgraded by a notch to B3 from Caa1 by Moody’s. The upgrade reflects a sustained improvement in domestic financing conditions, lower borrowing costs and better debt affordability. The upgrade is supported by continued fiscal discipline, institutional improvements and favourable export prices, particularly gold, which accounted for 67% of Ghana’s total goods exports in 2025. The country’s current account has remained in surplus since 2024, reversing more than two decades of persistent deficits. Government interest payments fell to 17.2% of revenue in 1H2026, 24% below budget, marking the lowest ratio since 2012. Moody’s expects interest payments to average 20–25% of revenue through 2028. Ghana’s government debt burden declined to 48.8% of GDP in 2025 from 70.1% in 2024, supported by currency appreciation and fiscal consolidation. The government also recorded a primary surplus exceeding 2% of GDP in 2025, compared with a deficit of 2.1% in 2024, and is expected to achieve its 1.5% primary surplus target for 2026. However, significant credit challenges remain, including a narrow revenue base, vulnerability to commodity price fluctuations and exchange rate depreciation, and fiscal risks associated with state-owned enterprises, particularly in the energy and cocoa sectors.
Ghana’s dollar bonds were trading stable. For instance, its 5% 2035s were at 88.9, yielding 7.5%.
– Vandit P
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