Moody’s Investors Service downgraded Ghana deeper into junk territory on the likelihood that private creditors will incur steep losses during the government’s planned debt restructuring.
The country’s credit rating was slashed by two levels to Ca, the second-lowest score at Moody’s, according to a statement on Tuesday. That puts Ghana on par with Sri Lanka, which is in default. The downgrade follows plans in Ghana’s proposed 2023 budget to restructure both local and foreign debts.
