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Ghana was upgraded by a notch to Caa2 from Caa3 by Moody’s. The upgrade follows its debt restructuring exercise that has significantly eased the nation’s financial burden. Initiated in December 2022 under the Common Framework, this process has addressed 55% of the country’s total debt, involving a 37% haircut on dollar bond principals and restructuring of local currency debt and bilateral obligations. As a result, government debt is expected to decline to 81% of GDP in 2024 from 93% in 2022, although foreign exchange risk remains high due to a large portion of debt being in foreign currency. Moody’s has a positive outlook on Ghana’s ratings reflecting the potential easing of liquidity risk amid ongoing fiscal consolidation efforts supported by an IMF program.
Ghana’s 5% DISCO bonds due 2029 traded up by 0.4 points to 81.7, yielding 10%.