Ghana hopes to finish by Friday reviewing a draft term sheet on debt relief from its official creditors to restructure $5.4 billion of debt, Bloomberg News reported on Thursday. An agreement between Ghana and its official creditors including China and France would pave the way for the IMF Executive Board to approve the disbursement of $600 million under its $3 billion bailout programme. Citing Finance Minister Ken Ofori-Atta, Bloomberg reported that “in terms of the broad framework, all parties are in agreement,” which will allow the IMF to sign off on the money for Ghana.
A Ministry of Finance spokesperson did not immediately respond to a Reuters request for comment. The West African nation defaulted on most of its external debt in December 2022 and needs to secure restructuring deals with official creditors, international bondholders and other commercial lenders, to successfully implement the IMF loan deal and emerge from its worst economic crisis in a generation.
