• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

Creditors’ opposition to 40% haircut delay release of $600m second tranche

2 years ago
in Business, Economy, Features, highlights, Home, home-news, latest News
1 min read
0 0
0
227
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Creditors’ opposition to 40% haircut delay release of $600m second tranche

Ghana missed out on the November 1, 2023 timeline set in the IMF programme for the release of the second tranche of the $3 billion bailout facility.

The delay in the release of the $600m second tranche according to the Dean of the Business School of the University of Cape Coast, Professor John Gatsi, is due to the unwillingness of Ghana’s external creditors to accept the 40% haircut proposal by Finance Minister Ken Ofori-Atta.

Ghana, led by the Finance Chief Ken Ofori-Atta is currently discussing with its external creditors for debt relief worth $10.5 billion.

The Finance Minister earlier submitted proposals to its commercial creditors seeking a haircut of up to 40% and additional debt rework with its bilateral creditors including China and the Paris Club.

But speaking on TV3, Prof Gatsi noted that, “The delay is occasioned by the inability of the government of Ghana and the creditors to agree on what is required of them. The Government of Ghana is pleading with the creditors to accept the certain elongation of maturity of the debts and some cuts, about 30 to 40 percent on the interest or the coupons that they expect.”

“That is where the disagreement is coming from. As things are it seems part of the creditors such as bilateral and multilateral are sort of very soft but it was also indicated that some creditors are excused from the debt exchange programs they will not be affected. It is very difficult for commercial creditors to see a chunk of the interest wiped away, I believe that is where the disagreement is and they have not come to terms with it yet. That is why we couldn’t meet the target,” he added.

RelatedPosts

Otto Addo Expected to Announce Squad for Crucial 2026 World Cup Qualifiers

How Artificial Intelligence Is Both Driving and Derailing Decarbonization

Ghana Revenue Authority Targets Retrieval of GHS 163m in Unpaid Taxes and VAT Arrears

Ghana received the first tranche of $600 million in May this year. The cash, according to the Finance Ministry, was to help restore macroeconomic stability, sustain the country’s debts and lay a strong foundation for inclusive growth.

“The first tranche of $600million of Ghana’s low interest of $3billion Extended Credit Facility has been received to help restore macroeconomic stability, sustain the country’s debts and lay a strong foundation for inclusive growth,” the Ministry tweeted on May 20, 2023.

Tags: creditorsCreditors' opposition to 40% haircut delay release of $600m second trancheexternal debtFinance Ministerhaircut
No Result
View All Result

Highlights

Nurturing Dreams: Ghana’s Football Future Blossoms with Talent Identification Initiative

Champion of Champions: Gold Stars set for Showdown Against Asante Kotoko in Bibiani

President Mahama Secures Infrastructure, Technology, and Agriculture Deals on Japan Visit

Mida Pledges Alignment With US Strategic Shift On Millennium Challenge Corporation

Standard Chartered Empowers Future Leaders Through Financial Literacy and Mentorship

Nigeria Exiting Years of Economic Doldrum But Hard Road Ahead Still

Trending

Features

Otto Addo Expected to Announce Squad for Crucial 2026 World Cup Qualifiers

August 25, 2025

Otto Addo Expected to Announce Squad for Crucial 2026 World Cup Qualifiers As anticipation builds for the...

How Artificial Intelligence Is Both Driving and Derailing Decarbonization

August 25, 2025

Ghana Revenue Authority Targets Retrieval of GHS 163m in Unpaid Taxes and VAT Arrears

August 25, 2025

Nurturing Dreams: Ghana’s Football Future Blossoms with Talent Identification Initiative

August 25, 2025

Champion of Champions: Gold Stars set for Showdown Against Asante Kotoko in Bibiani

August 25, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.