Ghana Nears Completion of External Debt Restructuring, Finalizing 16 of 25 Agreements with Foreign Government Creditors
Ghana is reportedly nearing the completion of its external debt restructuring process, having finalized 16 out of 25 agreements with foreign government creditors. This progress was highlighted by the Global Sovereign Debt Roundtable (GSDR) on the sidelines of the Annual IMF–World Bank Meetings in Bangkok, Thailand. The debt restructuring initiative began in December 2022, following Ghana's suspension of payments on selected external debts due to severe economic challenges. This restructuring was a crucial prerequisite for Ghana to secure a US$3 billion financial support program from the International Monetary Fund (IMF). Negotiations are ongoing with Ghana's remaining non-bonded commercial creditors, who now account for less than 5% of the total debt under restructuring. The bilateral agreements involve members of Ghana’s Official Creditor Committee (OCC), established on May 12, 2023, to coordinate the restructuring of its bilateral debt under the G20 Common Framework.
