The Government of Ghana has officially signed a Memorandum of Understanding (MoU) with its Official Creditor Committee (OCC), marking a major milestone in the country’s efforts to restructure its external debt and restore economic stability.
The agreement, which has been signed by all Participating Creditor Countries, formalizes the debt treatment terms agreed upon with Ghana’s Official Creditors.
It provides significant debt service relief during the period of the International Monetary Fund (IMF)-supported program, allowing the government to channel financial resources into economic recovery efforts.
Ghana’s Ministry of Finance expressed gratitude to all OCC members, with special recognition to China and France, the committee’s co-chairs, for their role in facilitating the debt restructuring process.
“This agreement is a crucial step towards restoring long-term debt sustainability and ensuring that Ghana can allocate resources effectively to support economic growth,” the statement from the Ministry of Finance’s Public Relations Unit noted.
With the MoU now in place, Ghana will proceed with bilateral agreements with each OCC member to implement the agreed debt restructuring terms.
The government also reaffirmed its commitment to engaging commercial external creditors in good faith to finalize restructuring agreements that align with Ghana’s need for debt relief while ensuring fair treatment among creditors.
The signing of this MoU comes amid Ghana’s broader efforts to stabilize its economy, reduce debt burdens, and create a more sustainable financial framework for future growth.
Background
Ghana has been navigating a severe debt crisis, prompting negotiations with international creditors to secure relief under the G20 Common Framework for Debt Treatments.
The country has been implementing an IMF-backed economic reform program aimed at stabilizing public finances, improving fiscal discipline, and fostering economic resilience.
With the successful signing of this agreement, Ghana is one step closer to achieving its debt restructuring goals, paving the way for economic recovery and sustainable growth.
Story by: Joshua Kwabena Smith
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