Moody’s has led positive sovereign credit rating actions across Africa in the second half of 2026, accounting for all three rating upgrades recorded between July 1 and November 5, 2026.
Moody’s upgraded Benin, Ghana and Egypt. Benin moved from B1 to Ba3, while Ghana and Egypt rose from Caa1 to B3, reflecting improving credit assessments of the three economies.
The agency also revised the outlooks of Angola, Nigeria and Togo from stable to positive. Fitch made similar positive outlook changes for Nigeria and Tanzania, while S&P revised Togo’s outlook upwards.
Overall, the period recorded six positive outlook revisions and three sovereign rating upgrades across the three major global agencies, with Moody’s accounting for six of the nine positive actions.
The improved assessments come amid stronger fiscal consolidation, recovering external buffers and progress in structural reforms across parts of the continent.
The developments signal improving investor confidence in selected African economies, although the challenge remains turning better ratings into lower borrowing costs and more affordable access to international capital.