\n
\u00a0The government has announced that it has reached an agreement with its Official Creditors under the G20 Common Framework on a com\u00adprehensive Debt Treatment under Ghana\u2019s Extended Credit Facility programme with the International Monetary Fund (IMF).<\/p>\n
The agreement with the Of\u00adficial Creditors paves way for the IMF Executive Board to approve the first review of the Fund-sup\u00adported programme to allow for the second tranche of IMF financing of US$600 million to be disbursed under the three-year $3 billion deal.<\/p>\n
A statement issued by the Ministry of Finance on Friday and copied to the\u00a0Ghanaian Times\u00a0<\/em>said, \u201cThe development constitutes a significant positive step towards restoring Ghana\u2019s long-term debt sustainability.\u201d<\/p>\n\u201cThe Government of Ghana commends the support and co\u00adoperation of its Official Creditors in reaching this agreement, which demonstrates a mutual commit\u00adment to restoring debt sustainabili\u00adty in line with the IMF programme targets,\u201d it said.<\/p>\n
The Finance Ministry said the government was confident that \u201cthis debt treatment, which entails significant flow relief during the programme period, will allow for the allocation of additional financial resources towards critical public investments, particularly in healthcare, education, and infra\u00adstructure development\u201d.<\/p>\n
about:blank<\/p>\n
The Finance Ministry said the terms of the agreed debt treatment were expected to be formalised in a Memorandum of Understand\u00ading between Ghana and Official Creditors, which would then be implemented through bilateral agreements with each member of the Official Creditor Committee.<\/p>\n
\u201cThe Government of Ghana looks forward to further engag\u00ading with the Official Creditors to ensure prompt implementation of the agreed terms. The IMF Board Approval should also trigger World Bank Board consideration of US$300 million Development Policy Operation (DPO) financ\u00ading,\u201d the statement said.<\/p>\n
According to the Ministry of Finance, the World Bank was expected to support the Ghana Financial Stability Fund with $250 million to help address the impact of the Domestic Debt Exchange Programme on the financial sector.<\/p>\n
\u201cThese disbursements are key for Ghana\u2019s economic recovery and ambitious reform agenda. Today\u2019s agreement with Official Creditors will support ongoing en\u00adgagements with Ghana\u2019s commer\u00adcial creditors, including bondhold\u00aders,\u201d the statement said.<\/p>\n
It said the government of Ghana remained committed to reaching an agreement with its commercial creditors as soon as possible and takes this opportunity to thank all stakeholders, and said, \u201cThe Ministry of Finance here\u00adby reiterates its commitment to restoring Ghana\u2019s long-term debt sustainability and strengthening macroeconomic stability.\u201d<\/p>\n
Ghana in July 2022 sought a $3billion three-year deal ECF with the IMF to ensure debt sustainabil\u00adity and to help restore macroeco\u00adnomic stability.<\/p>\n
Consequently, the country in May 2023 received the first tranche of $600 million from the IMF under the ECF following the suc\u00adcessful completion of the Domes\u00adtic Debt Exchange Programme.<\/p>\n
Meanwhile, the International Monetary Fund in a statement issued by Ms Kristalina Georgieva, Managing Director of IMF, after the announcement by Ghana\u2019s Finance Ministry, said, \u201cI welcome Minister of Finance Ofori-Atta\u2019s<\/p>\n
\u00a0announcement that the Ghanaian authorities have reached an agree\u00adment in principle with their official creditors on a debt treatment, consistent with the objectives of the IMF-supported programme, which aims to restore macroeco\u00adnomic stability and debt sustain\u00adability, build resilience, and lay the foundations for stronger and more inclusive growth.\u201d<\/p>\n
\u201cI want to thank the Official Creditor Committee, especially the co-chairs, China and France, for all their work to reach this agree\u00adment. This is another substantial milestone for the G20 Common Framework under which G20 creditors joined forces to agree on debt relief for Ghana.This 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. I look forward to continuing our fruitful collaboration with Ghana,\u201d said IMF.<\/p>\n
<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"
\u00a0The government has announced that it has reached an agreement with its Official Creditors under the G20 Common Framework on a com\u00adprehensive Debt Treatment under Ghana\u2019s Extended Credit Facility programme with the International Monetary Fund (IMF). The agreement with the Of\u00adficial Creditors paves way for the IMF Executive Board to approve the first review of […]<\/p>\n","protected":false},"author":1,"featured_media":117938,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-139615","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"\n
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