Ghana's government intends to finalize the restructuring of its external debt as soon as possible to enable the country to overcome its current economic challenges, President Nana Addo Dankwa Akufo-Addo said in an address to parliament.
"We are committed to concluding the external debt restructuring process as soon as possible, so we move past the crisis," the president said.
The completion of the restructuring, he said, would also enable the government to complete projects that had been delayed due to financial challenges, such as the Kumasi International Airport.
Akufo-Addo noted that the decision to undertake a comprehensive restructuring of domestic and external debt is to ensure that the country remains resolute in its efforts to restore macroeconomic stability and sustainable growth.
"The decision was not an easy one, considering the complex and diverse domestic debt landscape. We had to consider safeguarding the financial sector, preserving social and economic conditions, and protecting our domestic debt market. A year on, I am happy to inform [...] that we have made significant progress," the leader stated.
He added that all macroeconomic indicators are now pointing to a positive trend and the economy is stronger than it was at the end of 2022.
Ghana's government entered into a $3 billion loan program with the International Monetary Fund last year and reached a $5.4 billion loan restructuring agreement with its official creditors in January.