Moody's upgrades Ghana to B3, stable outlook on lower financing costs

Moody's raised Ghana's sovereign credit rating one notch to B3 from Caa1. The outlook moved to stable from positive. The agency cited improved domestic conditions, lower financing costs, and better debt affordability. External headwinds from the Middle East conflict have not reversed the gains, reflecting fiscal discipline and institutional improvements. Constraints include terms-of-trade volatility, exchange rate depreciation, and low government revenue. Offsetting factors are a moderate debt burden, multilateral support, and political stability.