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Ghana Signs Landmark Debt Treatment Agreement with Official Creditors

Apexnewsgh

Government of Ghana has officially signed a Memorandum of Understanding (MoU) with its Official Creditor Committee (OCC). Apexnewsgh reports

This agreement formalizes debt treatment arrangements aimed at providing substantial debt-service relief during Ghana’s IMF-supported programme.

The Ministry of Finance has expressed gratitude to all OCC members, particularly co-chairs China and France, for their support in addressing Ghana’s debt challenges. With this MoU in place, the agreed terms will now be implemented through bilateral agreements between Ghana and each OCC member.

The agreement is expected to allow Ghana to redirect financial resources towards economic recovery and growth. The government has reaffirmed its commitment to working closely with official creditors to expedite the signing of these agreements and ensure smooth implementation.

Furthermore, Ghana has pledged to engage in good-faith negotiations with all external creditors to finalize restructuring deals that align with the principle of comparable treatment, ensuring fairness in debt relief efforts.

This development represents a critical milestone in Ghana’s efforts to address its financial challenges and support a sustainable economic recovery. As noted by the World Bank, this agreement will help unlock financial support from international financial institutions, including a $300 million budget support operation.

Source: Apexnewsgh.com

Ngamegbulam C. S

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