Ghana receives draft agreement to restructure debts with official creditors – Finance Minister

The Minister of Finance, Dr. Mohammed Amin Adam, has announced that the government of Ghana has received a draft agreement for the restructuring of external debts with official creditors.

This development is expected to pave the way for the disbursement of $360 million of the third tranche of the bailout package from the International Monetary Fund in June this year.

During an update on the economy in Accra on May 24, the finance minister stated, “We officially received the draft Memorandum of Understanding from the Official Creditor Committee on May 23, 2024.

“The government, with support from our financial and legal advisors, will review it to finalize and sign the agreement with the OCC as soon as possible,” the finance minister added.

Ghana aims to restructure its external debts and interest repayments by US$10.5 billion from 2023 to 2026.

In January of this year, the government reached an agreement in principle with official creditors to restructure US$5.4 billion of loans.

MA