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.
