Connect with us

Hi, what are you looking for?


Ghana’s official creditors to resume debt restructuring talks Jan. 8


Ghana’s official creditors to resume debt restructuring talks Jan. 8

According to three sources, Ghana’s official creditors are scheduled to convene on Monday, January 8, to discuss the restructuring of around $5.4 billion in loans. This meeting is a significant step towards securing the next round of funding from the International Monetary Fund (IMF).

The Official Creditor Committee (OCC), co-chaired by the governments of China and France, holds approximately 25% of Ghana’s $20 billion external debt that is earmarked for restructuring. The key focus of the meeting will be to reach an agreement on a “cut-off date,” which determines when new loans from bilateral creditors will no longer be subject to restructuring. This date has become a bottleneck in Ghana’s debt restructuring process. Some creditors argue for December 31, 2022, as the cut-off date, citing Ghana’s default earlier in that month, while others support March 24, 2020, when the Group of 20 introduced the debt service suspension initiative (DSSI) to aid the world’s poorest countries during the COVID-19 crisis. It is worth noting that Ghana did not participate in the DSSI. T

Paris Club, which consists of major creditor nations (excluding China), will hold a meeting on Friday before the OCC meeting on January 8. The Paris Club has shared a technical note with other creditors and multilateral lenders proposing December 2022 as the cut-off date. However, despite ongoing negotiations, creditors have not reached a consensus. If an agreement on the cut-off date is reached, it will indicate that a broader consensus on debt restructuring is achievable.

In order to receive approval for the next $600 million payout from a $3 billion rescue loan, Ghana needs to secure a debt restructuring agreement with official creditors. The IMF requires assurance that bilateral creditors are providing debt relief in accordance with the IMF program.

Alongside seeking bilateral debt restructuring under the Common Framework, Ghana is also in discussions with overseas bondholders to restructure its over $13 billion international debt. Prominent bondholders include major global asset managers such as BlackRock, PIMCO, Vontobel, AllianceBernstein, and Neuberger Berman.


There is a good reason why you should support the African Editors. Not everyone can afford to pay for news right now. That is why we keep our journalism open for everyone to read, including in Ghana. If this is you, please continue to read for free. But if you are able to, then there are three good reasons to support us today.

1. Our quality, journalism is a scrutinising force at a time when the rich and powerful are getting away with more and more.

2. We are independent and have no billionaire owner pulling the strings, so your money directly powers our reporting.

3. It doesn’t cost much, and takes less time than it took to read this message.

Help power the African Editors' journalism for the years to come, whether with a small sum or a larger one. If you can, please support us on a monthly basis from just 1 Ghana Cedi through mobile money number: 0599896099/ +23359989609 and you can be rest assured that you’re making a big impact every single month in support of open, independent journalism. Thank you.

Click to comment

Leave a Reply

You May Also Like


Kagame Tells Europe that Africa Doesn’t Need Adult Supervision but Fair Trade.    There is a good reason why you should support the African...


At vero eos et accusamus et iusto odio dignissimos ducimus qui blanditiis praesentium voluptatum deleniti atque corrupti quos.


Daasebre Oti Boateng introduces Root-Based Model to Akufo-Addo, Bawumia, commends them for 2021 Census & Covid-19 fight Omanhene of New Juaben, Chancellor of All...


Neglected tropical diseases rising in E/R- GHS Eastern Regional Health Directorate says there is disturbing increase in cases of neglected tropical Diseases in the...

Copyright © 2023, Ltd was developed by Wordswar Technology & Investment, Inc. Contact us on +233246187160

%d bloggers like this: