Ghana secures debt relief as Official Creditor Committee signs MoU

Ghana has taken a major step towards restoring its debt sustainability as all participating countries in its Official Creditor Committee (OCC) have signed the Memorandum of Understanding (MoU) on debt treatment.

The government expressed gratitude to China and France, the co-chairs of the committee, for their leadership and commitment in facilitating the agreement. The signing of the MoU formalizes the debt treatment terms agreed with official creditors, providing significant debt service relief under Ghana’s IMF-supported economic recovery programme.

With this milestone achieved, the terms outlined in the MoU will now be implemented through bilateral agreements between Ghana and each OCC member country. The government has pledged to work closely with its creditors to ensure a swift finalization of these agreements.

Additionally, Ghana continues to engage with commercial external creditors, aiming to reach restructuring agreements that align with its debt relief needs while adhering to the principle of comparability of treatment.

This agreement marks a crucial step in Ghana’s economic recovery efforts, enabling the government to redirect financial resources towards stabilizing the economy and fostering long-term growth.