\n
Finance Minister, Ken Ofori-Atta, has described the debt restructuring deal with external creditors as a major turning point for the economy.<\/p>\n
According to him, this should help Ghana fast-track the process to reduce its debt to sustainable levels.<\/p>\n
Mr. Ofori Atta disclosed this on PM EXPRESS BUSINESS EDITION with host George Wiafe. The interview will be aired on JOYNEWS this Thursday, January 18, 2024.<\/p>\n
Mr. Ofori-Atta explained that the agreement with the official creditors on the terms for restructuring Ghana\u2019s debt did not come easy, but praised the work done by officials of the Finance Ministry, the government and the cooperation of the creditors in reaching this agreement.<\/p>\n
This he believes \u201cshows that all the partners are committed to helping Ghana in restoring debt sustainability in line with the IMF\u2019s programme targets\u201d<\/p>\n
Background<\/strong><\/p>\nThe Finance Ministry in a statement on January 12, 2024, announced that it has reached an agreement with the Official Creditors Committee on the debt treatment under the G20 common Framework.<\/p>\n
This came after months of negotiations over the cut of date for restructuring Ghana\u2019 debts.<\/p>\n
However, after that final round of meetings last week, all the members of the OCC agreed on December 2022 as the deadline for restructuring Ghana\u2019s debts.<\/p>\n
The Managing Director of the IMF, Kristalina Georgiva, in a statement welcomed the debt treatment agreement.<\/p>\n
According to her, \u201cThis agreement clears the path for IMF Executive Board consideration of the first review of Ghana\u2019s three-year Extended Credit Facility Arrangement in the next few days\u201d.<\/p>\n
She added that \u201cThe Government of Ghana looks forward to further engaging with the Official Creditors to ensure prompt implementation of the agreed terms\u201d.<\/p>\n
Proposed terms reached with creditors for restructuring Ghana\u2019s debt<\/strong><\/p>\nThe Finance Minister had been tight lipped of the details of the \u201cterm sheet\u201d. He, however, did not rule out December 2022 as the cut-off date for restructuring Ghana\u2019s debts.<\/p>\n
Mr. Ofori-Atta also did not dispute the fact that Ghana will now start servicing its debts after the four-year moratorium. Payment will however commence after five years.\u00a0<\/p>\n
Interest rates on these debts will likely be pegged between 2 -3%<\/p>\n
Mr. Ofori-Atta added that Ghana is still in discussion with the official creditors to finalise the Memorandum of Understanding for the deal with the official creditors.<\/p>\n
He noted that \u201cthe terms of the agreed debt treatment are expected to be formalised in an MoU between Ghana and the official creditors in the coming days\u201d.<\/p>\n
But will this affect the proposed date for the IMF Board meeting, the Finance Minister responded \u201cNo because the agreement reached with them is enough for the IMF Board to meet\u201d.<\/p>\n
\u201cWe are prepared for this Board meeting and hopeful that Ghana will pass this first review\u201d, the Finance Minister added.<\/p>\n
The MoU will be implemented through bilateral agreements with each member of the Official Creditor Committee, the minister added.<\/p>\n
Source<\/strong>:\u00a0Joy Business<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"
Finance Minister, Ken Ofori-Atta, has described the debt restructuring deal with external creditors as a major turning point for the economy. According to him, this should help Ghana fast-track the process to reduce its debt to sustainable levels. Mr. Ofori Atta disclosed this on PM EXPRESS BUSINESS EDITION with host George Wiafe. The interview will […]<\/p>\n","protected":false},"author":1,"featured_media":135606,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-139165","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"\n
Deal with external creditors marks major turning point for economy \u2013 Ofori Atta \u2013 - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2024\/01\/15\/deal-with-external-creditors-marks-major-turning-point-for-economy-ofori-atta\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Deal with external creditors marks major turning point for economy \u2013 Ofori Atta \u2013 - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"Finance Minister, Ken Ofori-Atta, has described the debt restructuring deal with external creditors as a major turning point for the economy. According to him, this should help Ghana fast-track the process to reduce its debt to sustainable levels. Mr. Ofori Atta disclosed this on PM EXPRESS BUSINESS EDITION with host George Wiafe. The interview will […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.ghanamma.com\/2024\/01\/15\/deal-with-external-creditors-marks-major-turning-point-for-economy-ofori-atta\/\" \/>\n<meta property=\"og:site_name\" content=\"Ghanamma.com\" \/>\n<meta property=\"article:published_time\" content=\"2024-01-15T12:06:12+00:00\" \/>\n<meta name=\"author\" content=\"Ghana News\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ghana News\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/01\\\/15\\\/deal-with-external-creditors-marks-major-turning-point-for-economy-ofori-atta\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/01\\\/15\\\/deal-with-external-creditors-marks-major-turning-point-for-economy-ofori-atta\\\/\"},\"author\":{\"name\":\"Ghana News\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/#\\\/schema\\\/person\\\/c70749f3edfbfcd92d45e933f0fe10b5\"},\"headline\":\"Deal with external creditors marks major turning point for economy \u2013 Ofori Atta \u2013\",\"datePublished\":\"2024-01-15T12:06:12+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/01\\\/15\\\/deal-with-external-creditors-marks-major-turning-point-for-economy-ofori-atta\\\/\"},\"wordCount\":490,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/01\\\/15\\\/deal-with-external-creditors-marks-major-turning-point-for-economy-ofori-atta\\\/#primaryimage\"},\"thumbnailUrl\":\"\",\"articleSection\":[\"Business\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/01\\\/15\\\/deal-with-external-creditors-marks-major-turning-point-for-economy-ofori-atta\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/01\\\/15\\\/deal-with-external-creditors-marks-major-turning-point-for-economy-ofori-atta\\\/\",\"url\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/01\\\/15\\\/deal-with-external-creditors-marks-major-turning-point-for-economy-ofori-atta\\\/\",\"name\":\"Deal with external creditors marks major turning point for economy \u2013 Ofori Atta \u2013 - Ghanamma.com\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/01\\\/15\\\/deal-with-external-creditors-marks-major-turning-point-for-economy-ofori-atta\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/01\\\/15\\\/deal-with-external-creditors-marks-major-turning-point-for-economy-ofori-atta\\\/#primaryimage\"},\"thumbnailUrl\":\"\",\"datePublished\":\"2024-01-15T12:06:12+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/#\\\/schema\\\/person\\\/c70749f3edfbfcd92d45e933f0fe10b5\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/01\\\/15\\\/deal-with-external-creditors-marks-major-turning-point-for-economy-ofori-atta\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/01\\\/15\\\/deal-with-external-creditors-marks-major-turning-point-for-economy-ofori-atta\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/01\\\/15\\\/deal-with-external-creditors-marks-major-turning-point-for-economy-ofori-atta\\\/#primaryimage\",\"url\":\"\",\"contentUrl\":\"\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/01\\\/15\\\/deal-with-external-creditors-marks-major-turning-point-for-economy-ofori-atta\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Deal with external creditors marks major turning point for economy \u2013 Ofori Atta \u2013\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/#website\",\"url\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/\",\"name\":\"Ghanamma.com\",\"description\":\"Ghana mma provides breaking news, top stories in Ghana, Africa, business, entertainment, politics and more.\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/#\\\/schema\\\/person\\\/c70749f3edfbfcd92d45e933f0fe10b5\",\"name\":\"Ghana News\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/22cb97c2b08df229330efb2b8c2645feaae8d3ca3ee434035fbb668b5b82f570?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/22cb97c2b08df229330efb2b8c2645feaae8d3ca3ee434035fbb668b5b82f570?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/22cb97c2b08df229330efb2b8c2645feaae8d3ca3ee434035fbb668b5b82f570?s=96&d=mm&r=g\",\"caption\":\"Ghana News\"},\"sameAs\":[\"https:\\\/\\\/www.ghanamma.com\\\/2024\"],\"url\":\"https:\\\/\\\/www.ghanamma.com\\\/2024\\\/author\\\/ghanamma\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Deal with external creditors marks major turning point for economy \u2013 Ofori Atta \u2013 - Ghanamma.com","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.ghanamma.com\/2024\/01\/15\/deal-with-external-creditors-marks-major-turning-point-for-economy-ofori-atta\/","og_locale":"en_US","og_type":"article","og_title":"Deal with external creditors marks major turning point for economy \u2013 Ofori Atta \u2013 - Ghanamma.com","og_description":"Finance Minister, Ken Ofori-Atta, has described the debt restructuring deal with external creditors as a major turning point for the economy. According to him, this should help Ghana fast-track the process to reduce its debt to sustainable levels. Mr. Ofori Atta disclosed this on PM EXPRESS BUSINESS EDITION with host George Wiafe. The interview will […]","og_url":"https:\/\/www.ghanamma.com\/2024\/01\/15\/deal-with-external-creditors-marks-major-turning-point-for-economy-ofori-atta\/","og_site_name":"Ghanamma.com","article_published_time":"2024-01-15T12:06:12+00:00","author":"Ghana News","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Ghana News","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.ghanamma.com\/2024\/01\/15\/deal-with-external-creditors-marks-major-turning-point-for-economy-ofori-atta\/#article","isPartOf":{"@id":"https:\/\/www.ghanamma.com\/2024\/01\/15\/deal-with-external-creditors-marks-major-turning-point-for-economy-ofori-atta\/"},"author":{"name":"Ghana News","@id":"https:\/\/www.ghanamma.com\/2024\/#\/schema\/person\/c70749f3edfbfcd92d45e933f0fe10b5"},"headline":"Deal with external creditors marks major turning point for economy \u2013 Ofori Atta \u2013","datePublished":"2024-01-15T12:06:12+00:00","mainEntityOfPage":{"@id":"https:\/\/www.ghanamma.com\/2024\/01\/15\/deal-with-external-creditors-marks-major-turning-point-for-economy-ofori-atta\/"},"wordCount":490,"commentCount":0,"image":{"@id":"https:\/\/www.ghanamma.com\/2024\/01\/15\/deal-with-external-creditors-marks-major-turning-point-for-economy-ofori-atta\/#primaryimage"},"thumbnailUrl":"","articleSection":["Business"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.ghanamma.com\/2024\/01\/15\/deal-with-external-creditors-marks-major-turning-point-for-economy-ofori-atta\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.ghanamma.com\/2024\/01\/15\/deal-with-external-creditors-marks-major-turning-point-for-economy-ofori-atta\/","url":"https:\/\/www.ghanamma.com\/2024\/01\/15\/deal-with-external-creditors-marks-major-turning-point-for-economy-ofori-atta\/","name":"Deal with external creditors marks major turning point for economy \u2013 Ofori Atta \u2013 - Ghanamma.com","isPartOf":{"@id":"https:\/\/www.ghanamma.com\/2024\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.ghanamma.com\/2024\/01\/15\/deal-with-external-creditors-marks-major-turning-point-for-economy-ofori-atta\/#primaryimage"},"image":{"@id":"https:\/\/www.ghanamma.com\/2024\/01\/15\/deal-with-external-creditors-marks-major-turning-point-for-economy-ofori-atta\/#primaryimage"},"thumbnailUrl":"","datePublished":"2024-01-15T12:06:12+00:00","author":{"@id":"https:\/\/www.ghanamma.com\/2024\/#\/schema\/person\/c70749f3edfbfcd92d45e933f0fe10b5"},"breadcrumb":{"@id":"https:\/\/www.ghanamma.com\/2024\/01\/15\/deal-with-external-creditors-marks-major-turning-point-for-economy-ofori-atta\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.ghanamma.com\/2024\/01\/15\/deal-with-external-creditors-marks-major-turning-point-for-economy-ofori-atta\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.ghanamma.com\/2024\/01\/15\/deal-with-external-creditors-marks-major-turning-point-for-economy-ofori-atta\/#primaryimage","url":"","contentUrl":""},{"@type":"BreadcrumbList","@id":"https:\/\/www.ghanamma.com\/2024\/01\/15\/deal-with-external-creditors-marks-major-turning-point-for-economy-ofori-atta\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.ghanamma.com\/2024\/"},{"@type":"ListItem","position":2,"name":"Deal with external creditors marks major turning point for economy \u2013 Ofori Atta \u2013"}]},{"@type":"WebSite","@id":"https:\/\/www.ghanamma.com\/2024\/#website","url":"https:\/\/www.ghanamma.com\/2024\/","name":"Ghanamma.com","description":"Ghana mma provides breaking news, top stories in Ghana, Africa, business, entertainment, politics and more.","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.ghanamma.com\/2024\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.ghanamma.com\/2024\/#\/schema\/person\/c70749f3edfbfcd92d45e933f0fe10b5","name":"Ghana News","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/22cb97c2b08df229330efb2b8c2645feaae8d3ca3ee434035fbb668b5b82f570?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/22cb97c2b08df229330efb2b8c2645feaae8d3ca3ee434035fbb668b5b82f570?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/22cb97c2b08df229330efb2b8c2645feaae8d3ca3ee434035fbb668b5b82f570?s=96&d=mm&r=g","caption":"Ghana News"},"sameAs":["https:\/\/www.ghanamma.com\/2024"],"url":"https:\/\/www.ghanamma.com\/2024\/author\/ghanamma\/"}]}},"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2024\/wp-json\/wp\/v2\/posts\/139165","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ghanamma.com\/2024\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ghanamma.com\/2024\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2024\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2024\/wp-json\/wp\/v2\/comments?post=139165"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2024\/wp-json\/wp\/v2\/posts\/139165\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2024\/wp-json\/wp\/v2\/media?parent=139165"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2024\/wp-json\/wp\/v2\/categories?post=139165"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2024\/wp-json\/wp\/v2\/tags?post=139165"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}