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Ghana has formally secured $2.8 billion in debt relief after all 25 members of its official creditor committee signed a Memorandum of Understanding (MOU) under the G20 Common Framework for Debt Treatment.
The agreement provides crucial fiscal relief as Ghana continues structural reforms under its $3 billion International Monetary Fund (IMF) program.
Finance Minister Dr. Cassiel Ato Forson announced the development on Wednesday, January 29, 2025, describing it as a “crucial step toward restoring long-term debt sustainability.”
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While the MOU formalises Ghana’s debt treatment with official creditors, discussions are ongoing to finalise the remaining 7% of the deal, which involves negotiations with about 60 international financial institutions.
Additionally, Ghana has yet to reach an agreement on a $2.7 billion debt restructuring deal with commercial creditors. The government remains engaged in discussions to secure terms that align with its debt relief needs and the comparability of treatment principle.
With this latest milestone, Ghana is nearing the completion of its external debt restructuring process, a key step in stabilising the economy, rebuilding investor confidence, and achieving fiscal sustainability.
Government officials remain optimistic that negotiations with commercial creditors will conclude successfully in the coming months, finalising the country’s comprehensive external debt restructuring plan.
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