Moody's just turned positive on sub-Saharan Africa

The ratings agency raised its outlook for sub-Saharan African governments to positive, saying reforms helped the region weather inflation while strong commodity prices and easier financing repaired budgets. It expects the region's economies to grow 4.3% in both 2026 and 2027, borrowing needs to fall, and total government debt to level off at 56.6% of GDP by 2027, down from 62.4% in 2025. Eight of the 25 countries it rates — including South Africa, Nigeria, Ghana and Zambia — now carry positive outlooks. Moody's still flags heavy debt repayments and climate risks as weak spots.