positive steps

Ghana closer to IMF deal, but has a way to go in talks with creditors

By Jonas Nyabor

Premium badge Reserved for subscribers

Posted on May 15, 2023 12:58

 © International Monetary Fund. REUTERS/Yuri Gripas
International Monetary Fund. REUTERS/Yuri Gripas

Ghana’s official creditors have made formal commitments towards a restructure of the country’s debts, pushing the West African country a step closer to securing a much-needed $3bn IMF bailout.

In a statement issued on Friday, 12 May, the Official Creditor Committee – made up of countries with eligible claims on Ghana, and co-chaired by China and France, said it was ready to negotiate the terms on Ghana’s debts as the country seeks to go under an IMF programme.

“Consistent with their national laws and internal procedures, creditor committee members are committed to negotiating with the Republic of Ghana terms of a restructuring of their claims to be finalised in a Memorandum of Understanding,” the committee said.

Next steps

The next task involves working with private creditors and other official bilateral creditors to get similar assurances which Accra has already started looking at.

The School of Business at the University of Cape Coast Dean John Gatsi also advises that Ghana begins to woo development partners to revamp investments to complement the expected funds from the

There's more to this story

Get unlimited access to our exclusive journalism and features today. Our award-winning team of correspondents and editors report from over 54 African countries, from Cape Town to Cairo, from Abidjan to Abuja to Addis Ababa. Africa. Unlocked.

Subscribe Now

cancel anytime