Online Reporter
Ghana’s Parliament has unanimously approved a US$2,8 billion debt restructuring agreement with 25 creditor countries, including China, France, the United States, Germany, and the United Kingdom.
The move paves the way for continued disbursements under Ghana’s US$3 billion International Monetary Fund (IMF) bailout programme, aimed at addressing the country’s most severe economic crisis in decades.
The West African country, known globally as the world’s second-largest cocoa producer, had defaulted on most of its external debt in December 2022. In January 2025, Ghana reached a Memorandum of Understanding (MoU) with the Official Creditor Committee, marking a significant milestone in its debt recovery path.
According to a parliamentary report seen by Reuters, the restructuring provides a debt service relief of US$2,8 billion during the IMF-supported programme period (2023–2026).
The agreement entails the rescheduling and capitalisation of debt service payments originally due between December 20, 2022 and December 31, 2026.
These deferred payments will now be repaid between 2039 and 2043, effectively pushing repayments forward by over 15 years.
The Official Creditor Committee has agreed on interest rates ranging from 1 percent to 3 percent, based on the original contractual terms — rates that are significantly lower than current market levels, offering Ghana’s treasury meaningful fiscal space.
The report noted: “The Committee observed that the debt restructuring was essential to support the government’s efforts in restoring and sustaining macroeconomic stability and ensuring long-term debt sustainability.”
Lawmakers unanimously recommended the approval of the agreement, underlining the importance of international cooperation in Ghana’s economic recovery process. — Business Insider Africa
