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Ghana to receive financial assurances from Official Creditor Committee by April 2023

3 years ago
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Ghana to receive financial assurances from Official Creditor Committee by April 2023

The Government of Ghana has announced that it expects to receive financial assurances from the Official Creditor Committee by the end of April 2023, paving the way for International Monetary Fund Board approval in May 2023.

This move towards debt restructuring comes after the government of Ghana experienced a breach in three out of five International Monetary Fund/World Bank LIC Debt Sustainability Framework (DSF) indicators in 2022. The government aims to meet the DSF targets, which can be achieved through debt restructuring.

In an investors’ presentation jointly organized by the Ministry of Finance and the Bank of Ghana, Ghana’s Finance Minister, Ken Ofori-Atta, stated that the government expects to complete Comprehensive Debt Exchange Operations by April 2023. Additionally, the government hopes to begin negotiations with commercial creditors to reach an agreement in principle on a term sheet for the restructuring of Eurobonds.

Ghana’s external debt restructuring perimeter is expected to include two-thirds of the country’s $30.5 billion external debt, with multilateral development institutions holding $8.8 billion and non-resident investors holding $1.6 billion of the country’s debt as of December 2022. The restructuring exercise aims to meet the International Monetary Fund/ World Bank LIC DSF targets, which require a reduction in debt ratios and an increase in fiscal space.

The debt restructuring process is seen as necessary for Ghana’s economic development and long-term growth prospects. With the aim of restoring debt sustainability and improving fiscal space, the government of Ghana is taking bold steps to address the challenges of external debt through debt restructuring.

The successful restructuring of Ghana’s external debt could also potentially have wider implications for the African continent, where many countries are facing similar challenges of unsustainable debt levels. As such, this restructuring exercise is being closely watched by policymakers and investors alike.

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It is hoped that through the restructuring process, Ghana will be able to achieve sustainable levels of debt, which will in turn provide greater financial stability and improved economic prospects for the country’s citizens. By meeting the International Monetary Fund/ World Bank LIC DSF targets, Ghana can create an environment that is conducive to sustainable economic growth and development, which will benefit the country and the wider African region as a whole.

Tags: Ghana to receive financial assurances from Official Creditor Committee by April 2023Ken Ofori-AttaOfficial Creditor Committee
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