Ghana Secures $2.8bn Debt Relief as Official Creditors Sign MoU
Ghana has formally secured $2.8 billion in debt relief after all 25 members of its Official Creditor Committee signed a Memorandum of Understanding (MoU), finalising an agreement initially reached under the G20 Common Framework for Debt Treatment.
The development provides crucial fiscal space as Ghana continues structural reforms under its $3 billion International Monetary Fund (IMF) programme.
“The Government of the Republic of Ghana is pleased to announce that the Memorandum of Understanding (MoU) reached with its Official Creditor Committee (OCC) has been signed by all Participating Creditor Countries,” Finance Minister Dr. Cassiel Ato Forson said in Accra on Wednesday, January 29.
“The signing of the MoU formalises the debt treatment agreed with Official Creditors and marks a crucial step towards Ghana restoring long-term debt sustainability. The agreement provides significant debt service relief during the Fund-supported programme period, allowing financial resources to be directed towards supporting and strengthening the economic recovery,” he added.
While the deal covers the bulk of Ghana’s official bilateral debt, discussions over the remaining 7%—involving approximately 60 international financial institutions—are ongoing. Meanwhile, a separate $2.7 billion debt restructuring with commercial creditors remains unresolved, leaving the government focused on securing a final agreement in the coming months.
“Ghana continues to engage in good faith with all commercial external creditors, striving to finalise restructuring agreements that respect Ghana’s need for debt relief and the comparability of treatment principle,” Forson noted.
With the MoU now signed by all official creditors, Ghana is nearing the completion of its external debt restructuring process. Finalising agreements with commercial creditors will be key to restoring fiscal stability and meeting the objectives of its IMF programme.
The debt relief under the G20 Common Framework offers Ghana much-needed fiscal breathing room to stabilise the economy, rebuild investor confidence, and implement critical reforms. Government officials remain optimistic that ongoing engagements with commercial creditors will yield favourable outcomes, allowing Ghana to complete its comprehensive debt restructuring plan.
