Accra, Ghana – Ghana has successfully restructured its debt with official bilateral lenders and Eurobond holders, resulting in a substantial debt service relief of $7.5 billion between 2023 and 2026. This achievement was announced at a joint press conference by the Ministry of Finance and the Bank of Ghana, in collaboration with the International Monetary Fund (IMF).
According to Dr. Mohammed Amin Adam, Minister of Finance, the country has reached an agreement with the Official Creditor Committee (OCC) to restructure $5.1 billion of official bilateral loans, resulting in debt service relief of $2.8 billion. Additionally, the government has negotiated with Eurobond holders to restructure $13.1 billion, leading to the cancellation of $4.7 billion in debt and providing debt service relief of $4.4 billion.
The Minister expressed the government’s commitment to sustaining macroeconomic policy adjustments and reforms to restore macroeconomic stability and debt sustainability. This move is expected to foster sustainable economic growth and poverty reduction.
Present at the press conference were the Minister of State, Abena Osei-Asare, Deputy Ministers, Dr. Stephen Amoah and Dr. Alex Ampaabeng, 1st Deputy Governor of the Bank of Ghana, Chief Director, Ms. Eva Mends, and directors from both the Ministry of Finance and the Bank of Ghana.
This achievement marks a significant step forward in Ghana’s efforts to manage its debt and restore macroeconomic stability. The government’s commitment to reforms and debt sustainability is expected to boost investor confidence and drive economic growth.
Ruth Abla ADJORLOLO
