Ghana agrees debt restructuring deal with official creditors – Ghana finance ministry

The West African country, which defaulted on most of its overseas debt in December 2022 after debt servicing costs soared, restructured most of its local debt and also needs to reach a deal with private holders of about $13 billion in international bonds. "Thank you to our bilateral creditors for their support & cooperation, that has today enabled us to reach agreement with our Official Creditors on comprehensive debt treatment under the G20 Common Framework.

Ghana has reached a deal to restructure $5.4 billion of loans with its official creditors, the office of the finance minister said on Friday, a milestone in the country's quest for debt relief as it charts its way out of its worst economic crisis in a generation.

The agreement with bilateral lenders including China and France was also key to unlocking new International Monetary Fund (IMF) financing and will allow it to access another $600 million under its $3 billion bailout program. The West African country, which

defaulted on most of its overseas debt in December 2022 after debt servicing costs soared, restructured most of its local debt and also needs to reach a deal with private holders of about $13 billion in international bonds.

"Thank you to our bilateral creditors for their support & cooperation, that has today enabled us to reach agreement with our Official Creditors on comprehensive debt treatment under the G20 Common Framework. Significant step towards long-term debt sustainability! #TurnedTheCorner," the Finance Minister's office said in a post on X.