Ghana’s Finance Minister, Ken Ofori Atta, has voiced strong confidence that the country will strike an arrangement with its formal creditors by next week.
Speaking to media at the Securities and Exchange Commission’s Capital Market Conference, the Minister stated that a continual examination based on similar treatment is being performed to guarantee that creditors are paid properly by the restructuring.
Ghana is aiming to restructure $5.4 billion in official debt, which constitutes 27% of the country’s $20 billion external debt.
It was part of the conditions for the International Monetary Fund’s Executive Board to approve the second tranche of a $600 million payout under the Fund’s $3 billion bailout program.
According to the Minister, discussions on the cut-off date—the date beyond which new loans would not be restructured—are also a major issue that would be addressed among creditors in the coming days.
The government has fulfilled its obligation and is now awaiting the Official Creditors Committee’s response, as it is comfortable with the proposed cut-off date, the Minister said.
By: Rainbowradioonline.cim/Ghana
