Ghana has signed a memorandum of understanding (MoU) with its bilateral creditors, including China and France, to restructure $5.4 billion of debt. This agreement is a crucial step towards securing $360 million from the International Monetary Fund (IMF) under Ghana\u2019s $3 billion bailout program, expected next month.<\/p>\n
The MoU provides a framework for restructuring loans from official creditors, following an agreement by the Paris Club in January.<\/p>\n
Ghana defaulted on most of its $30 billion external debt during the pandemic. Since then, inflation has dropped from 54.1% in December 2022 to 25% in April 2024, with GDP growth reaching 2.9% in 2023.<\/p>\n
The IMF has declared Ghana’s debt unsustainable, aiming to reduce the public debt-to-GDP ratio from 88.1% in 2022 to 55% by 2028. Terms with official creditors are crucial for bondholders, who seek equitable treatment under the G20 Common Framework for debt restructuring.<\/p>\n
Ghana completed a domestic debt restructuring in October, saving 61 billion Ghanaian cedis ($17.5 billion). The government continues to work towards meeting IMF requirements for its debt restructuring program.<\/p>\n","protected":false},"excerpt":{"rendered":"
Ghana has signed a memorandum of understanding (MoU) with its bilateral creditors, including China and France, to restructure $5.4 billion of debt. This agreement is a crucial step towards securing $360 million from the International Monetary Fund (IMF) under Ghana\u2019s $3 billion bailout program, expected next month. The MoU provides a framework for restructuring loans […]<\/p>\n","protected":false},"author":1,"featured_media":9441,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":9,"jnews-multi-image_gallery":[],"jnews_single_post":{"source_name":"Africa News","source_url":"","via_name":"","via_url":"","override_template":"0","override":[{"template":"1","single_blog_custom":"","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_share_counter":"0","show_view_counter":"0","show_featured":"1","show_post_meta":"1","show_post_author":"0","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"0","show_post_reading_time":"0","post_reading_time_wpm":"300","show_zoom_button":"0","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"1","show_prev_next_post":"0","show_popup_post":"0","number_popup_post":"1","show_author_box":"0","show_post_related":"1","show_inline_post_related":"1"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored by","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo_enable":"0","sponsored_post_logo":"","sponsored_post_desc":"","disable_ad":"0"},"jnews_primary_category":{"id":"","hide":""},"jnews_social_meta":[],"jnews_override_counter":{"override_view_counter":"0","view_counter_number":"0","override_share_counter":"0","share_counter_number":"0","override_like_counter":"0","like_counter_number":"0","override_dislike_counter":"0","dislike_counter_number":"0"},"footnotes":""},"categories":[32,2362,27],"tags":[158,1163],"class_list":["post-11991","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-featured","category-west-africa","tag-ghana","tag-international-monetary-fund-imf"],"_links":{"self":[{"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/posts\/11991","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/comments?post=11991"}],"version-history":[{"count":0,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/posts\/11991\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/media\/9441"}],"wp:attachment":[{"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/media?parent=11991"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/categories?post=11991"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/tags?post=11991"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}