Ghana’s economy has earned praise from Rating Agency, Moody’s, with a B3 rating, changing the outlook from negative to stable.
The move is expected to boost investor confidence in the economy, which has suffered some major setbacks since the government began implementing its home-grown and IMF policies.
Moody’s had rated Ghana at B3 negative since 2015.
The rating agency in a statement explained that three key drivers informed the decision to revise the outlook.
The first is the significant deficit reduction and institutional reform implementation over the past year under the umbrella of the three-year IMF programme which started in April 2015.
The Technical Advisor to the Ministry of Finance, Dr Sam Mensah, said the revision of the outlook at this time is a testimony to the prudent policies adopted by the government since 2014 via the home-grown programme and consolidated in the IMF programme.
He said that positive action has come at a time when there has been an improvement in macro-economic and fiscal indicators and followed the recent successful Eurobond issuance of $750 million priced competitively at 9.25 percent in September 2016.