Official Creditor Committee, Ghana government to reach agreement on restructuring talks soon – IMF

The International Monetary Fund has said that it expects Ghanaian authorities and the Official Creditor Committee to reach an agreement soon.

According to the Director of Communications at the IMF, Julie Kozack, it is crucial for Ghana to finalize debt restructuring talks with both domestic and external creditors.

“The next steps on debt restructuring are for the Official Creditor Committee to agree with the authorities on the specific modalities of debt relief and for the authorities to continue to engage with their external private creditors for relief on their external debt. These discussions are ongoing, and we hope that the OCC, the Official Creditor Committee, and the Ghanaian authorities will find an agreement soon. The government has recently finalized the restructuring of its domestic debt,” Julie Kozack said.

Ghana’s debt owed to external creditors makes up more than half of the country’s total debts including Eurobond holders.

External debts add up to about $52.3 billion of the country’s total debts making it a necessary requirement for the country to make its debts sustainable.

The creditor committee which was formed in May 2023 is however yet to reach concrete conclusions on how much haircuts to give Ghana.

However, an IMF team is currently in Ghana to assess the country’s performance and also to present a report to qualify the country for the next tranche of the $3 billion loan.