Global credit ratings agency Moody’s has upgraded Ghana’s long-term local and foreign currency issuer ratings from “Caa3” to “Caa2” and from “Ca” to “Caa3,” respectively, highlighting significant improvements in the country’s financial situation due to extensive debt treatment.

The agency also revised Ghana's outlook from “stable” to “positive.”

The “positive outlook reflects the potential for liquidity risk to ease amid ongoing fiscal consolidation efforts supported by an IMF programme,” Moody’s stated in an official announcement.

This upgrade comes as Ghana’s statistics agency reported a remarkable economic growth of 6.9 per cent in the second quarter of 2024, marking the fastest growth rate in five years.

Moody’s indicated that it expects the country’s debt levels to decrease steadily, albeit at a slow pace, as the government resumes payments of interest and principal on its debts.