Ghana has formally secured $2.8 billion in debt relief after all 25 members of its official creditor committee fully signed the Memorandum of Understanding (MOU).
The MoU was initially reached in principle under the G20 Common Framework for Debt Treatment.
The amount secured will provide crucial fiscal breathing space as Ghana advances structural reforms under its $3 billion International Monetary Fund (IMF) program.
Addressing the media on Wednesday, January 29, 2025, Finance Minister Dr. Cassiel Ato Forson said that the MoU formalises the debt treatment agreed upon with official creditors.
“The Government of the Republic of Ghana is pleased to announce that the Memorandum of Understanding (MoU) reached with its Official Creditor Committee (OCC) has been signed by all participating creditor countries.”
“The signing of the MoU formalises the debt treatment agreed upon with official creditors and marks a crucial step towards Ghana restoring long-term debt sustainability. The agreement provides significant debt service relief during the fund-supported program period, allowing financial resources to be directed towards supporting and strengthening the economic recovery,” he added.
According to the minister, discussions surrounding the remaining 7% of the deal are ongoing.
He said the outstanding 7% involves negotiations with about 60 international financial institutions.
Meanwhile, a $2.7 billion debt arrangement with commercial creditors remains unresolved—leaving the government focused on securing a final agreement in the coming months.
“Ghana continues to engage in good faith with all commercial external creditors, striving to finalise restructuring agreements that respect Ghana’s need for debt relief and the comparability of treatment principle, the minister added.
By: Rainbowradioonline.com/Ghana
