Concurrently, Moody's has upgraded the local currency senior unsecured MTN programme rating to (P)Caa3 from (P)Ca.
Following the completion of the government's main local currency debt restructuring, Moody's assessment of future expected losses on local currency debt has diminished.
Through this exchange, Ghana has achieved a degree of fiscal relief and is therefore unlikely to seek and obtain another similar-scale debt restructuring in the short to medium term from the same creditors given the damage it would cause to its financial sector.