• 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

Ghana: IMF insists on debt relief agreement with Official Creditors for second $600m tranche disbursement

2 years ago
in Business, Economy, Features, highlights, Home, home-news, latest News
1 min read
0 0
0
243
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Ghana: IMF insists on debt relief agreement with Official Creditors for second $600m tranche disbursement

The International Monetary Fund (IMF) has said Ghana will require a debt relief agreement with its official creditors to receive the second $600m tranche disbursement under the $3 billion extended credit facility program.

The IMF recently reached a staff-level agreement with Ghana on the first review of the programme, this landmark achievement follows intensive discussions held in Accra from September 25 to October 6, 2023, centered on the progress of vital reforms and the nation’s policy priorities within the context of its three-year program.

To complete the review and unlock another $600 million disbursement for Ghana, bilateral creditors must agree to specific terms of debt treatment, consistent with the financing assurances they provided five months ago. These financing assurances were crucial in securing IMF approval for Ghana’s program, resulting in an initial $600 million disbursement.

Mr Roudet stated that the process was transitioning from a general commitment to a specific credit commitment regarding debt restructuring. This process will also establish specific terms for external commercial creditors.

“I’m very pleased to announce that the IMF staff and Ghanaian authorities have reached a staff-level agreement on the first review of Ghana’s economic program under the Extended Credit Facility arrangement. This staff-level agreement is subject to IMF Management approval and Executive Board consideration once the necessary financing assurances have been received. An agreement with official creditors on a debt treatment in line with program parameters would provide the needed financing assurances. Upon completion of the Executive Board review, Ghana would have access to SDR 451.4 million (about US$ 600 million), bringing the total IMF financial support disbursed under the arrangement, since May 2023, to SDR 902.8 million (about US$1,200 million),” remarked the IMF Mission Chief.

The IMF’s approach to Ghana mirrors its approach to Zambia, which also has an IMF program. In the case of Zambia, the IMF initially required its official creditor committee to sign a memorandum of understanding to access the next disbursement. However, the IMF later approved the payment after bilateral lenders announced an agreement in principle to restructure $6.3 billion of debt in June.

RelatedPosts

Why China is Pouring Billions into Brazil’s Energy and Oil

UBA Ghana Assures Customers of Deposit Safety Amid Forex License Suspension

Verstappen Claims Historic Pole Position at Monza with Record-Breaking Speed

Ghana’s policy reform commitments under the program have yielded positive results, according to the IMF Mision Chief. The country’s economic growth has proven more resilient than expected, fiscal and external positions have improved, the exchange rate has stabilized, and the inflation rate has declined to 40.1% in August 2023.

Ghana is in the process of restructuring nearly all of its $50 billion debt to ensure its sustainability under the IMF program. The domestic debt restructuring has been successfully completed, and the next step involves revamping approximately $13 billion in Eurobonds. Ghana sought IMF assistance in July 2022 after its dollar bonds faced a sharp decline in value, and its attempts at spending cuts failed to convince investors of its ability to meet its debt obligations.

Tags: ghanaGhana: IMF insists on debt relief agreement with Official Creditors for second $600m tranche disbursementIMFOfficial creditors
No Result
View All Result

Highlights

Burkina Faso Seeks to Ease Worries Around Mining Stake Plans

Gold Stocks Break 2011 Record High as Investors Seek Safe Havens

Sports Minister Kofi Adams Urges Black Stars to Secure Victory Against Mali

Sabalenka Retains US Open Crown with Record $5 Million Prize Money

Lamentation at Nigeria’s Foreign Missions

From the Continent, For the Continent: Building Homegrown Instant Payment Systems to Drive Financial Inclusion in Africa

Trending

Features

Why China is Pouring Billions into Brazil’s Energy and Oil

September 7, 2025

Why China is Pouring Billions into Brazil’s Energy and Oil China has boosted investments in Brazil to...

UBA Ghana Assures Customers of Deposit Safety Amid Forex License Suspension

September 7, 2025

Verstappen Claims Historic Pole Position at Monza with Record-Breaking Speed

September 7, 2025

Burkina Faso Seeks to Ease Worries Around Mining Stake Plans

September 7, 2025

Gold Stocks Break 2011 Record High as Investors Seek Safe Havens

September 7, 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.