Research indicates Ghana is highly hit by a financial crisis. The entire West African continent struggles to emerge from the economic crisis, the IMF believes that Ghana will finalize a debt restructuring agreement with bilateral creditors within six to eight weeks, according to a Fund official.<\/p>\n
A second release from a $3 billion International Monetary Fund emergency loan would be made possible by an agreement to restructure $5.4 billion in debt to China and members of the Paris Club of creditor nations.<\/p>\n
Abebe Selassie, director of the IMF’s Africa section, expressed his hope that the fund’s Executive Board will have time to consider authorizing the payment before the year ends.<\/p>\n
“Bilateral official debt is significant, but not the lion’s share of the debt challenge of Ghana,” Selassie stated to Reuters.<\/p>\n
“Within this stock of obligations that Ghana has to bilateral creditors, the share to the Paris Club is fairly large, So we’re hoping that there will be a quick meeting of minds.”<\/p>\n
When asked when creditors would come to an agreement that would allow the IMF to approve the next loan tranche, Selassie replied, “Hopefully within the next six to eight weeks.”<\/p>\n
Ghana, an oil, cocoa, and gold producer, is negotiating a debt restructuring with its bilateral and commercial creditors in the midst of the greatest economic crisis in a generation. The country has been shut out of international financial markets due to the spiralling costs of its domestic debt.<\/p>\n
According to a government presentation to investors, it aims to restructure $20 billion of the entire external debt, which was estimated to be around $30 billion at the end of 2022.<\/p>\n
To effectively execute the $3 billion loan agreement from the IMF, Ghana plans to reduce interest payments on its external debt by around $10.5 billion over the course of the next three years.<\/p>\n
It is reorganizing its external obligations through the Common Framework, a debt restructuring program designed for developing countries in response to the coronavirus pandemic by the Group of 20 major economies.<\/p>\n
China has been blamed for holding up the process, a claim it disputes, and the process has been criticized for its delays.<\/p>\n
“There’s been some learning on the Chinese side because they’re new creditors,” Selassie stated. “Hopefully going forward… we’ll be getting much more rapid response from all official creditors.”<\/p>\n
<\/p>\n
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