\n
According to the Reuters, Ghana\u2019s official creditors are set to meet on Monday, January 8, to discuss restructuring some US$5.4 billion in loans to the country.<\/strong><\/p>\nThe meeting is very crucial to Ghana securing its next tranche of funding from the International Monetary Fund (IMF).<\/p>\n
The Official Creditor Committee (OCC), co-chaired by the governments of the People\u2019s Republic of China and France.<\/p>\n
Together, the two countries among the bilateral lenders hold around 25% of Ghana\u2019s $20 billion external debt earmarked for restructuring.<\/p>\n
Reports from the Reuters indicate that the meeting is expected to focus on a consensus about a \u2018cut-off date\u2019, after which new loans from bilateral creditors will not be restructured.<\/p>\n
Defining this date has emerged as a stumbling block for Ghana in its debt rework.<\/p>\n
The exact date to be set as the cut-off date has torn Ghana\u2019s external creditors apart as one group of creditors are advocating for December 31, 2022, as the cut-off date, referencing Ghana\u2019s default earlier in that month, while other group are pushing for March 24, 2020, the date when the Group of 20 introduced the debt service suspension initiative (DSSI) to aid the world\u2019s poorest countries during the COVID crisis.<\/p>\n
\u201cGhana is still about cut-off date, but creditors haven\u2019t agreed yet,\u201d a source from the Reuters said. \u201cIf the cut-off date is agreed, that means an agreement on debt restructuring is close.\u201d<\/p>\n
In preparation for the OCC meeting on January 8, the Paris Club, consisting of major creditor nations (excluding China), will convene on Friday, according to two sources.<\/p>\n
ghanaweb.com <\/p>\n
<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"
According to the Reuters, Ghana\u2019s official creditors are set to meet on Monday, January 8, to discuss restructuring some US$5.4 billion in loans to the country. The meeting is very crucial to Ghana securing its next tranche of funding from the International Monetary Fund (IMF). The Official Creditor Committee (OCC), co-chaired by the governments of […]<\/p>\n","protected":false},"author":1,"featured_media":115091,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-136657","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"\n
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