Ghana Assures International Creditors of Fair Treatment in Ongoing Debt Restructuring Negotiations
The Government of Ghana has reaffirmed its commitment to equitable treatment of all creditors as it makes steady progress in debt restructuring talks with remaining external creditors.
In a statement issued on Wednesday, May 29, the Finance Ministry indicated that discussions with all remaining creditors included in the debt restructuring programme are advancing positively, adding that it continues to uphold its obligations under the G20 Common Framework.
“In line with Ghana’s commitments to the official creditors under the G20 Common Framework, no creditor has been treated preferentially. This is consistent with the principle of Comparability of Treatment,” the statement read in part.
The Finance Ministry noted that it is strictly implementing the provisions outlined in the Memorandum of Understanding (MoU) signed with official creditors, particularly the requirement to remain in arrears with all external creditors affected by the restructuring.
This approach, it stressed, ensures parity and transparency in the ongoing debt resolution process as the country works to restore macroeconomic stability and regain debt sustainability.
“The Government remains committed to achieving a fair and mutually beneficial resolution with all creditors and thanks its partners for their forbearance, cooperation and support,” the statement added.
Ghana, under the International Monetary Fund (IMF) programme, is restructuring approximately $20 billion of its external debt in a bid to reduce the burden on the economy.
The country concluded a debt restructuring deal with its official bilateral creditors earlier this year and is currently engaging with bondholders and other commercial creditors to reach similar agreements.
