Factsheet: Ghana and the Credit Rating Agencies

This factsheet on Ghana and credit rating agencies looks at the downgrade of the country’s sovereign ratings and the impact on the economy and debt situation.

In February 2022 Moody’s downgraded Ghana’s rating, citing challenges related to liquidity, high risk of debt default and weak revenue generation, despite the country’s arguments emphasizing its strong economic fundamentals. Ghana expressed reservations about Moody’s rating assessment based on the agency’s technical inaccuracies and omissions of important information, thus reigniting the debate about the credibility of credit rating agencies while raising questions about the robustness of their methodologies and biased opinions, especially towards African countries. Read the factsheet in

More information on this topic is available in the panel discussion on Credit rating agencies, fiscal space and fragility in Africa and the policy paper on Eurobonds, debt sustainability in Africa and credit rating agencies./p>

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