The Government of Ghana, through the Ministry of Finance, has successfully entered into a Memorandum of Understanding (MoU) with its Official Creditor Committee (OCC), marking a significant achievement in the nation’s efforts to address its persistent debt issues.
The MoU has been endorsed by all participating creditor nations, demonstrating a shared commitment to helping Ghana regain long-term debt sustainability.
“The Government of the Republic of Ghana is pleased to announce that the Memorandum of Understanding (MoU) reached with its Official Creditor Committee (OCC) has been signed by all participating creditor countries,” the statement issued by the Ministry of Finance reported.
This agreement formalizes the debt management strategy previously discussed with the official lenders, offering Ghana essential debt service relief throughout the duration of its IMF-backed program. This assistance will enable the country to redirect more financial resources toward bolstering its economic recovery efforts.
“With the MoU now signed, the agreed terms will be implemented through bilateral agreements with each OCC member. Ghana is committed to working closely with its official creditors to expedite the process of signing the bilateral agreements.”
The government is now prioritizing the restructuring of its external commercial debt, including the $2.7 billion in loans currently under discussion.
