Ghana formalises debt restructuring with official creditors

Ghana says it has signed a memorandum of understanding with its official creditors, an essential process in restoring the viability of its public finances.

Finance minister, Cassiel Ato Forson, says this formalises a debt restructuring plan agreed to with its Official Creditor Committee in June last year.

The reworking of its debt has been a long-standing issue for the gold and cocoa-producing country after it defaulted on most of its external borrowing in 2022.

But now it says all participating creditor countries have signed the deal.

It marks a strategic turning point for the country as it seeks to stabilise its economy and return to sustainable growth.

The ministry says the deal will provide significant debt-service relief over its International Monetary Fund loan programme.

With 93 per cent of the restructuring process complete, it remains to finalise negotiations over the remaining 7 per cent, which is mainly with commercial creditors.

It says it is currently in talks with 60 international banks to rework its remaining $2.7 billion in loans.

Forson said the government is committed to speeding  up the process to finalise agreements with them.