Ofori-Atta confident of reaching a deal with commercial creditors by mid-March
Finance Chief Ken Ofori-Atta has expressed optimism about reaching a debt deal agreement with commercial creditors particularly the country’s Eurobond holders by the middle of March this year.
Speaking at a joint press conference by the IMF, the Finance Ministry and the Bank of Ghana, on Friday, January 19, 2024, Mr Ofori-Atta noted the successful first review of the IMF programme by the Board of the Fund, sets the stage for the country’s impending re-engagement with bondholders which will commence as early as next week.
“Now the final crucial step in our strategy involves the restructuring of our commercial debt, particularly the euro bonds following the Board’s approval.
“We are working hard to reach an agreement with our bondholders in the shortest possible time. We are optimistic that we wll arrive at an agreement no later than mid-March. Allow me to assure you that we remain steadfast in our commitment to act resolutely.
“Ultimately, we are showing our resolve and the economy has certainly turned the corner and the government will focus on attaining a more resilient, transformed economy that delivers higher living standards for our people within the shortest possible time,” he stated.
Ghana expects to reach a deal with eurobond investors to revamp the $13 billion debt owed to investors.
Announcing the successful first review of Ghana’s programme under the IMF by the Board during the joint press conference, the Minister averred the approval by the Board has unlocked a $600 million disbursement from the IMF and will pave the way for an additional $300 million disbursement from the World Bank.
“It is with great honour that I can announce to you that earlier today, the International Monetary Fund endorsed the first review of our programme. This is a resounding affirmation that the programme is advancing steadily and our reform trajectory remains steadfast”.
“Consequently, the endorsement has unlocked a $600 million disbursement from the IMF and will pave the way for an additional $300 million disbursement from the World Bank under the development policy operation financing,” he said.
