Moody’s raises Ghana’s local currency rating to Caa3

Moodys raises Ghanas local currency rating to Caa3

Ghana’s local currency long-term issuer rating has been raised to Caa3 from Ca by Moody’s Investors Service (Moody’s), with a stable outlook.

The local currency senior unsecured MTN programme rating has also been raised to (P)Caa3 from (P)Ca. Moody’s has lowered its expected future losses on local currency debt after the government completed its main local currency debt restructuring.

This exchange has given Ghana some fiscal relief and made it less likely that it will need or seek another similar-scale debt restructuring from the same creditors in the short to medium term, as it would harm its financial sector. In addition, the country has received official sector support, with the first IMF disbursement under its programme.

Related Articles

Ghana signs MoU with IMF for 3 billion loan repayment
  • Business

May 19, 2023

Ghana signs MoU with IMF for $3 billion loan repayment

MTN Ghanas Q1 2023 Profit Rises by 5.35 Despite Economic Challenges
  • Business

May 8, 2023

MTN Ghana’s Q1 2023 Profit Rises by 5.35% Despite Economic Challenges

AfDB invests 20 million in Africa50s infrastructure fund
  • Business

June 5, 2023

AfDB invests $20 million in Africa50’s infrastructure fund

Leave the first comment