New episode of the debt restructuring soap opera, with good news this time: Ghana and its official creditors have reached agreement on the repayment terms. Good news therefore, for this country in default of payment since 2022.
1 min
With our correspondent in Accra, Victor Cariou
5.4 billion dollars is the part of the external debt that Ghana is about to restructure. The West African country and its state creditors, such as France and China, have reached an agreement on the repayment conditions. It now remains for each party to sign it on their own.
This is the culmination of several months of negotiations, welcomed in particular by the Managing Director of the International Monetary Fund (IMF). And for good reason, this major step was one of the conditions for releasing the third payment from the IMF to Ghana; 360 million dollars, out of a 3 billion program.
Other negotiations remain in Accra, notably those concerning its debt contracted with private creditors. $13 billion in bonds, held by international asset managers and African banks. After having failed to reach a deal in April 2024discussions are expected to resume this week, according to information obtained by Reuters.
If Ghana achieves its goals, the country will have succeeded in restructuring more than half of its external debt. A relief for its economy. Ghana has been in default since 2022; the value of its currency continues to fall and its inflation still peaks above 20%.
Africa economyGhana still plagued by the high cost of living