• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

Moody’s signals potential upgrade of Ghana’s credit rating post eurobond debt restructuring 

1 year ago
in Business, Economy, Features, highlights, Home, home-news, latest News, Markets
1 min read
0 0
0
199
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Moody’s signals potential upgrade of Ghana’s credit rating post eurobond debt restructuring 

Moody’s Investors Service has signaled a potential upgrade in Ghana’s credit rating in the wake of the country’s recent Eurobond debt exchange.

The credit rating agency says it has concluded a comprehensive review of Ghana’s long-term issuer ratings, which include the local currency rating at Caa3 and the foreign currency rating at Ca.

The anticipated upgrade is largely driven by the country’s debt restructuring efforts under the G20 common framework, initiated in December 2022.

The restructuring of local currency debt, excluding Treasury Bills, was completed in 2023, while the restructuring of foreign currency debt, which constitutes nearly half of Ghana’s total debt, has progressed significantly.

Moody’s indicated that upon completion of the restructuring, all ratings are expected to be aligned at a higher level, albeit within the Caa-rating category, considering the liquidity constraints that typically follow a default event.

The rating agency also noted that the International Monetary Fund (IMF) programme, supporting fiscal consolidation and funding access, is underpinned by Ghana’s robust institutional capacity, enabling compliance with programme conditionality. Nonetheless, Moody’s highlighted that persistently high inflation and tight monetary conditions remain significant credit challenges.

RelatedPosts

The Global Push for a Just Transition in Energy Jobs

Why the IEA Reinstated Its “Business as Usual” Scenario

GRA Targets Offshore Income in Expanded Tax Compliance Drive

“The restructuring of foreign currency debt, which constitutes nearly half of Ghana’s total debt, has progressed significantly following announcements in June 2024 regarding a Memorandum of Understanding on official creditor debt and an agreement in principle with bondholders,” said the credit rating agency.

“Upon completion of the restructuring, all ratings are likely to be aligned at a higher level, albeit within the Caa-rating category, given the liquidity constraints typically following a default event.

“While the IMF programme supports fiscal consolidation and funding access due to Ghana’s relatively robust institutional capacity, which allows it to comply with programme conditionality, still-high inflation, and tight monetary conditions will remain key credit challenges,” it added.

The Ministry of Finance announced on June 24, 2024, the terms for restructuring $13.1 billion of Eurobond debt, which represented 21% of Ghana’s total debt as of 2023. Under this agreement, bondholders would forgo approximately $4.7 billion in principal, with no state-contingent triggers.

The restructuring efforts also included a Memorandum of Understanding signed on June 12 between Ghana’s Finance Ministry and the Official Creditor Committee to restructure $5.4 billion of official sector external debt.

The IMF in approving Ghana’s $360m this tranche under the $3bn support programme on June 28, 2024, affirmed that both restructurings align with its programme parameters, although the Official Creditor Committee has yet to confirm that the bondholder agreement offers comparable debt treatment to the MoU.

As Ghana navigates its debt restructuring processes, the anticipated credit rating upgrade from Moody’s represents a pivotal step towards stabilizing the nation’s financial outlook and enhancing investor confidence.

Tags: credit ratingExternal debt restructuringMoody’sMoody’s signals potential upgrade of Ghana’s credit rating post-external debt restructuring
No Result
View All Result

Highlights

Gold Boom Drives Rising Costs for Australian Producers

La Liga: Barcelona Stages Late Comeback Against Levante as Atletico Madrid Drops Points Again

Premier League: Spurs Stun Man City at Etihad; Arsenal Dominates Leeds to go Top

CHAN 2024: Senegal, Sudan Complete Semifinal Lineup

From Promise to Peril: How Exam Fraud is Eroding Ghana’s Educational Soul

The 10 Fastest-Growing Trading Nations in Africa

Trending

Features

The Global Push for a Just Transition in Energy Jobs

August 24, 2025

The Global Push for a Just Transition in Energy Jobs For years, energy workers from the fossil...

Why the IEA Reinstated Its “Business as Usual” Scenario

August 24, 2025

GRA Targets Offshore Income in Expanded Tax Compliance Drive

August 24, 2025

Gold Boom Drives Rising Costs for Australian Producers

August 24, 2025

La Liga: Barcelona Stages Late Comeback Against Levante as Atletico Madrid Drops Points Again

August 24, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.