https://en.sputniknews.africa/20250130/ghana-secures-debt-restructuring-deal-major-step-towards-financial-stability-1070435771.html
Ghana Secures Debt Restructuring Deal: Major Step Towards Financial Stability
Ghana Secures Debt Restructuring Deal: Major Step Towards Financial Stability
Sputnik Africa
In December 2022, Ghana defaulted on its external debt due to rising public debt, inflation, currency depreciation, and a growing fiscal deficit. This crisis... 30.01.2025, Sputnik Africa
2025-01-30T18:10+0100
2025-01-30T18:10+0100
2025-01-30T18:10+0100
sub-saharan africa
ghana
international monetary fund (imf)
economy
west africa
debt restructuring
reforms
negotiations
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Ghana has signed a memorandum of understanding (MoU) with its official creditors, formalizing a debt restructuring agreement reached last year. The announcement, made by Ghana's finance ministry, marks a crucial milestone in the country's ongoing efforts to recover from its December 2022 default on most of its external borrowing.This MoU not only solidifies the terms agreed upon with the Official Creditor Committee back in June but also brings substantial debt-service relief as part of its International Monetary Fund (IMF) loan program. All participating creditor countries have now signed the deal, signaling a unified commitment to supporting Ghana's economic recovery.While this development is a major step forward, Ghana continues to negotiate with its commercial external creditors to finalize restructuring agreements with them. These discussions are vital for achieving comprehensive debt sustainability and ensuring that all aspects of the country's financial obligations are addressed.The finance ministry emphasized that the signing of this MoU is a testament to the collaborative spirit and shared commitment towards securing Ghana's financial stability.
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ghana, international monetary fund (imf), economy, west africa, debt restructuring, reforms, negotiations
ghana, international monetary fund (imf), economy, west africa, debt restructuring, reforms, negotiations
Ghana Secures Debt Restructuring Deal: Major Step Towards Financial Stability
Christina Glazkova
Writer / Editor
In December 2022, Ghana defaulted on its external debt due to rising public debt, inflation, currency depreciation, and a growing fiscal deficit. This crisis led Ghana to seek help from international financial institutions, including the IMF, for debt restructuring and economic stabilization.
Ghana has
signed a memorandum of understanding (MoU) with its official creditors, formalizing a debt restructuring agreement reached last year. The announcement, made by Ghana's finance ministry, marks a crucial milestone in the country's ongoing efforts to recover from its December 2022 default on most of its external borrowing.
This MoU not only solidifies the terms agreed upon with the Official Creditor Committee back in June but also brings substantial debt-service relief as part of its International Monetary Fund
(IMF) loan program. All participating creditor countries have now signed the deal, signaling a unified commitment to supporting Ghana's economic recovery.
While this development is a major step forward,
Ghana continues to negotiate with its commercial external creditors to finalize restructuring agreements with them. These discussions are vital for achieving comprehensive debt sustainability and ensuring that all aspects of the country's financial obligations are addressed.
The finance ministry emphasized that the signing of this MoU is a testament to the collaborative spirit and shared commitment towards securing Ghana's financial stability.
