The upgrade by international ratings agency Moody's of Ghana’s sovereign credit rating to Caa1 with a stable outlook signals a profound shift in the nation's financial narrative. This move from Caa2, announced on Friday, October 10, 2025, acknowledges the courageous fiscal consolidation undertaken by the government under President John Mahama. The numbers speak volumes: a dramatic reduction in public debt from GH¢764 billion (64.9% of Gross Domestic Product a year earlier), to GH¢629 billion, or 44.9% of GDP by end-July 2025. This debt diet, coupled with a surge in gross international reserves by 43% to $10.7 billion by end-August, has restored a measure of external financial resilience thanks to strong bullion prices.