Story by George Yawson Vineh
The government of Ghana has formalized a debt treatment agreement with its Official Creditors Committee (OCC) by signing a Memorandum of Understanding (MoU).
At a press conference on Wednesday, January 29, Minister for Finance, Cassiel Ato Forson says the signing of the MoU has saved the country an amount of 2.8 billion dollars in debts serving.
The agreement, co-chaired by China and France is a milestone that comes after Ghana, in December 2022, suspended portions of its external debt servicing to commercial and bilateral lenders amid a deep economic crisis.
At the time, inflation had jumped to a staggering 54%, while international reserves had plunged to less than two months of import cover. The nation embarked on a comprehensive debt restructuring journey, including the successful completion of its Domestic Debt Exchange Programme (DDEP) in 2023.
A year ago, on January 12, 2024, Ghana reached an agreement with its Official Creditors under the G20 Common Framework for Debt Treatments, going beyond the Debt Service Suspension Initiative (DSSI).
However, it has taken another year to finalize and formalize the terms through the MoU.
“With the MoU now signed, the agreed terms will be implemented through bilateral agreements with each OCC member,” Mr. Ato stated .
According to the International Monetary Fund’s December 2024 report, Ghana is set to benefit from a substantial debt servicing relief of approximately $2.86 billion.
Of this amount, an estimated $657 million is expected to be realized within 2025, providing much-needed fiscal space for economic recovery.
TRIAL International has filed legal complaints in Switzerland, urging an investigation into the Swiss-incorporated Gaza…
The Ministry of Foreign Affairs summoned the U.S. Chargé d'Affaires on Friday, June 30 to…
(by H.E. Tong Defa, Ambassador of China to Ghana) There is a famous saying about…
Amina Bouayach President of CNDH Thu, 05/29/2025 - New York (UN) 29 May 2025 (SPS)-…
Former Special Prosecutor Martin Amidu has taken a strong swipe at former Attorney-General Godfred Yeboah…
Nana Kwasi Gyan-Apenteng, distinguished journalist, passed away in London yesterday after a short illness with…
View Comments
Wow wonderful blog layout How long have you been blogging for you make blogging look easy The overall look of your site is great as well as the content
Excellent post. I wwas checking constantly this blog and I'm impressed!
Very useful info specifically the lasdt par :) I care foor suh information much.
I wass lookjng foor this particular info for a long time.
Thank youu and best of luck.
I like this post, enjoyed this one thanks for posting. "Fear not for the future, weep not for the past." by Percy Bysshe Shelley.
Hey there! I just wanted to ask if you ever have any issues with hackers? My last blog (wordpress) was hacked and I ended up losing months of hard work due to no backup. Do you have any methods to protect against hackers?
Hello, Neat post. There is an issue together with your web site in web explorer, may test thisK IE still is the market chief and a good element of people will pass over your magnificent writing due to this problem.
Hello! I could have sworn I’ve been to this blog before but after browsing through some of the post I realized it’s new to me. Anyways, I’m definitely happy I found it and I’ll be book-marking and checking back frequently!
I have read several good stuff here. Certainly worth bookmarking for revisiting. I wonder how much effort you put to make such a fantastic informative site.
Do you mind if I quote a couple of your posts as long as I provide credit and sources back to your weblog? My website is in the exact same niche as yours and my users would certainly benefit from some of the information you provide here. Please let me know if this alright with you. Appreciate it!
HSBC's home equity release is designed to help homeowners release funds tied up in their property. Should you need to support family members, HSBC offers a secure solution with options to remain in your property. Their qualified advisors can help you assess your options with confidence.
Unlock the equity in your property with a reliable home equity loan — suitable for funding home improvements, large expenses, or debt consolidation.