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Rating agencies keep upgrading West Africa's two largest economies after their debt crises. Moody's raised Ghana's rating from Caa1 to B3 on 9 October, citing lower borrowing costs, fiscal discipline and higher gold export earnings, while Fitch moved Nigeria's B rating to a positive outlook the same day. Nigeria's foreign reserves reached $55.07 billion on 8 October, central bank data show, above the bank's year-end projection of $51 billion and up from $32 billion in April 2024. Better ratings cut the cost of new Eurobond issues and draw portfolio money back into local debt, although Fitch warned that Nigeria's federal government spends more than half its revenue on interest.
