In an effort to help Ghana deal with its economic crisis, more than two dozen aid and advocacy organizations demanded that a sizable portion of its debts be forgiven by international creditors.
Consumer inflation in Ghana increased to 54.1% year over year in December as a result of rising fuel, utility, and food prices. Wealthy private lenders must cancel the debt and shoulder the costs of a crisis they helped to create.
After declaring it would stop making payments on the majority of its external debt at the end of last year, the government asked for permission to restructure its bilateral debt under the G20 common framework platform earlier this month. Ghana is anticipated to skip the Wednesday $41 million interest payment that is due on a $1 billion eurobond.