Ghana reaches agreement with Official Creditors on debt revamp
Ghana struck a deal with creditors to restructure $5.4 billion of bilateral loans after months of negotiations.
The agreement with Paris Club of creditors and others, including China, “constitutes a significant positive step toward restoring Ghana’s long term debt sustainability,” Minister of Finance Ken Ofori-Atta said in a statement on X.
The terms of the agreed debt treatment are expected to be formalized in a memorandum of understanding between Ghana and the official creditors, which will then be implemented through bilateral accords with each country, he said.
The deal, negotiated under the Group-of-20 Common Framework for Debt Treatment, paves the way for the International Monetary Fund to make a second $600 million disbursement under its $3 billion bailout program to the West African nation, the minister said.
The IMF board approval would also unlock as much as $550 million of additional funding from the World Bank, he said.
