By: Franklin ASARE-DONKOH
The Government of Ghana has successfully signed a Memorandum of Understanding (MoU) with its Official Creditor Committee (OCC), marking a significant milestone in the country’s debt restructuring efforts.
The agreement, endorsed by all participating creditor nations, formalises the debt treatment plan and paves the way for long-term financial stability.
In a statement, the Ministry of Finance expressed gratitude to the OCC, particularly its co-chairs, China and France, for their unwavering support in helping Ghana navigate its debt challenges.
The deal, according to the Finance Minister, is expected to provide substantial debt service relief during the ongoing International Monetary Fund (IMF)-supported program, allowing the government to redirect financial resources toward economic recovery initiatives.
With the MoU now in place, Ghana will proceed with bilateral agreements with each creditor country to implement the agreed terms.
The government in the statement reaffirmed its commitment to working closely with creditors to expedite this process.
“Additionally, Ghana continues to engage with commercial external creditors to finalise 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 toward restoring debt sustainability and achieving economic resilience,” portions of the statement read.
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