The Government has successfully signed a Memorandum of Understanding (MoU) with its Official Creditor Committee (OCC), marking a major milestone in the country’s ongoing debt restructuring efforts.
The agreement, which has received formal approval from all participating lender nations, solidifies the country’s debt treatment plan and sets the stage for long-term financial stability.
Creditor states
In a statement, Ghana’s Ministry of Finance expressed gratitude to the OCC, particularly its co-chairs, China and France, for their steadfast support in helping Ghana navigate its debt challenges.
According to the Finance Minister, the deal will provide significant debt service relief during the current International Monetary Fund (IMF)-supported program, enabling the government to reallocate financial resources towards vital economic recovery projects.
With the MoU now in place, Ghana will proceed with bilateral negotiations with each creditor country to implement the agreed terms.
The government also emphasized its commitment to collaborating closely with lenders to expedite the process.
In addition, Ghana continues to engage with commercial external creditors to finalize restructuring agreements that uphold the principles of fair treatment and the country’s need for comprehensive debt relief.
By Marani Issah/thenewsbulletin24.com
