Ghana: Moody’s upgrades outlook to positive, affirms Caa1 rating in 2026

Ghana’s outlook has been upgraded from stable to positive in 2026 by Moody’s Ratings, which affirmed its sovereign rating at Caa1. The move reflects improved financing conditions, with lower domestic borrowing costs and a recovery in bond issuances, according to the agency. Inflation eased to around 3.2% in March 2026, based on data from the Bank of Ghana, allowing for monetary policy easing. However, Moody’s highlights ongoing vulnerabilities, including reliance on commodities and short-term domestic financing, despite IMF support and gradual debt stabilization.