Ghana Secures Debt Restructuring Deal with Bilateral Creditors

Ghana has signed an MoU with its bilateral creditors, including China and France, to restructure $5.4 billion of debt. This agreement paves the way for the IMF to disburse $360 million under Ghana's $3 billion bailout program, anticipated next month.

Ghana has agreed a memorandum of understanding with its bilateral creditors, including China and France, to restructure $5.4 billion of debt, two government sources said on Friday, one-and-half years after the West African country defaulted.

The MoU paves the way for the executive board of the International Monetary Fund to approve the disbursement of $360 million under Ghana's $3 billion, three-year bailout program, which is expected next month.

Once signed, the agreement would form the basis of a deal to restructure loans its official creditors, including China and France under the Paris Club of creditor, agreed in January.