Ghana Secures Landmark Debt,Paving Way for Economic Recovery

Ghana has taken a significant step towards achieving economic stability, having successfully signed a Memorandum of Understanding (MoU) with its Official Creditor Committee (OCC). This landmark agreement formalizes the country’s debt treatment plan, paving the way for long-term financial stability. The Ministry of Finance has expressed its gratitude to the OCC, particularly China and France, for their unwavering support in helping Ghana navigate its debt challenges.

The deal is expected to provide substantial debt service relief during the ongoing International Monetary Fund (IMF)-supported program, allowing the government to redirect financial resources towards economic recovery . Ultimately, with the MoU in place, Ghana will now proceed with bilateral agreements with each creditor country to implement the agreed terms. The government has reaffirmed its commitment to working closely with creditors to expedite this process.

Ghana continues to engage with commercial external creditors to finalize restructuring agreements that align with the principle of fair treatment and the country’s need for debt relief. This development represents a crucial step in Ghana’s journey towards restoring debt sustainability and achieving economic resilience. The World Bank Group has also welcomed this agreement, stating that it will help unlock financial support, including a $300 million budget support operation, to support Ghana’s recovery and restore a sustainable growth path.

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