Ghana’s successful negotiation with its Official Creditors on an extensive debt treatment paves the way for the approval of the first review of the Fund-supported program by the International Monetary Fund (IMF) Executive Board.
This clearance enables the disbursement of the next tranche of IMF financing, totalling US$600 million.
“The Government is confident that this debt treatment, which entails significant flow relief during the programme period, will allow for the allocation of additional financial resources towards critical public investments, particularly in healthcare, education, and infrastructure development,” the Finance Ministry in a statement said.
“The terms of the agreed debt treatment are expected to be formalised in a Memorandum of Understanding between Ghana and Official Creditors, which will then be implemented through bilateral agreements with each member of the Official Creditor Committee. The Government of Ghana looks forward to further engaging with the Official Creditors to ensure prompt implementation of the agreed terms,” it added.
Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), praised the agreement as “substantial milestone”.
“This agreement clears the path for IMF Executive Board consideration of the first review of Ghana’s three-year Extended Credit Facility Arrangement in the next few days. I look forward to continuing our fruitful collaboration with Ghana,” she said.
