IMF bailout: Ghana holds crucial discussions with external creditors on January 8

The Government of Ghana through the Ministry of Finance are expected to hold crucial discussions on January 8, 2024, to chart a path towards a debt swap of approximately $5.4 billion of the country’s external debt.

The very important engagement will determine whether Ghana can secure its next tranche of funding from the International Monetary Fund (IMF) consisting of $600 million.

The Official Creditor Committee (OCC) is co-chaired by the governments of the People’s Republic of China and France.

Together, the two countries among the bilateral lenders hold around 25% of Ghana’s $20 billion external debt earmarked for restructuring.

However, government remains optimistic that negotiations with the OCC will progress despite a pending agreement on the cut-off date for the terms of the external debt inclusion in the debt exchange programme.

In May 2023, Ghana secured the first tranche of the IMF bailout package of $600 million to restore macroeconomic stability, address debt sustainability issues and among others.

MA/NOQ

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