Ghana has successfully secured $2.8 billion in debt relief after all 25 members of its Official Creditor Committee (OCC) signed a Memorandum of Understanding (MoU). This agreement, part of the G20 Common Framework for Debt Treatment, provides crucial fiscal relief as the country continues structural reforms under the $3 billion International Monetary Fund (IMF) program.
The Finance Minister, Dr. Cassiel Ato Forson, announced the signing of the MoU, emphasizing that it formalizes the debt treatment agreement with official creditors. The deal is expected to provide significant debt service relief, allowing Ghana to redirect financial resources toward economic recovery and long-term debt sustainability.
Discussions are still ongoing regarding the remaining 7% of the debt treatment agreement, involving negotiations with approximately 60 international financial institutions. Additionally, a separate $2.7 billion debt restructuring deal with commercial creditors remains unresolved, with the government continuing efforts to secure a final agreement.
The signing of the MoU marks a major milestone in Ghana’s external debt restructuring process. Government officials believe that completing this phase will help restore fiscal stability and achieve the objectives outlined in the IMF programme, including stabilizing the economy and regaining investor confidence.
The government remains optimistic about finalizing negotiations with commercial creditors, ensuring Ghana’s comprehensive external debt restructuring plan is completed. The debt relief under the G20 framework is expected to play a crucial role in addressing the country’s debt sustainability challenges and positioning Ghana for long-term economic recovery.
Source: CITI NEWSROOM