Rating agency, Standards and Poor’s (S&P) Global, has raised Ghana’s long-term local and foreign currency sovereign credit rating to ‘B’ from ‘B-.’

In a statement released on September 14, S&P Global said “the upgrade reflects our assessment that Ghana’s monetary policy effectiveness has improved, albeit from a low base, and will support the credibility of the inflation-targeting framework over the period.”

It further cited the improving banking sector stability and lower inflation as factors that supported its view that the effectiveness and transmission mechanism of the country’s monetary policy have improved.

The agency also revised its transfer and convertibility (T&C) assessment to ‘B+’ from ‘B

It cited the improving banking sector stability and lower inflation as factors that supported its view that the effectiveness and transmission mechanism of the country’s monetary policy have improved, hence the decision to revise the T&C from ‘B’ to ‘B+’

The new rating is expected to endear the economy to global investors, as it potents increased faith in its activities by the rating agency. This should translate into reduced risk in domestic investments and increased appetite for same by investors.

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