African panel calls for Moody’s review of Ghana ratings appeal

Ratings agency cut its assessment of the nation’s long-term debt one step to Caa1 from B3 on February 4.
Image: Bloomberg

An African Union-backed panel urged Moody’s Investors Service to review an appeal by the Ghanaian government against the rating company’s downgrade of the West African nation’s debt.

Ghana’s Finance Ministry on Sunday criticised Moody’s decision to lower its rating further into junk status and said the company used incomplete data. Moody’s cut its assessment of the nation’s long-term debt one step to Caa1 from B3 on February 4.

“Taking such a major rating decision that threatens debt sustainability of the country should be treated with seriousness,” the African Peer Review Mechanism said in a statement on its website. “Moody’s have failed to do that.”

Moody’s didn’t respond to an emailed request for comment on the Ghanaian government’s criticism.

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