Ghana says it has signed a memorandum of understanding with its official creditors, an essential process in restoring the viability of its public finances.
Ghana formalises debt restructuring with official creditors
FILE -Ghana's President John Dramani Mahama addresses the 70th session of the United Nations General Assembly, at U.N. Headquarters, Wednesday, Sept. 30, 2015.
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Finance minister, Cassiel Ato Forson, says this formalises a debt restructuring plan agreed to with its Official Creditor Committee in June last year.
The reworking of its debt has been a long-standing issue for the gold and cocoa-producing country after it defaulted on most of its external borrowing in 2022.
But now it says all participating creditor countries have signed the deal.
It marks a strategic turning point for the country as it seeks to stabilise its economy and return to sustainable growth.
The ministry says the deal will provide significant debt-service relief over its International Monetary Fund loan programme.
With 93 per cent of the restructuring process complete, it remains to finalise negotiations over the remaining 7 per cent, which is mainly with commercial creditors.
It says it is currently in talks with 60 international banks to rework its remaining $2.7 billion in loans.
Forson said the government is committed to speeding up the process to finalise agreements with them.