{"id":10081,"date":"2025-01-29T13:30:57","date_gmt":"2025-01-29T13:30:57","guid":{"rendered":"https:\/\/www.fishfmonline.com\/?p=10081"},"modified":"2025-01-29T13:30:57","modified_gmt":"2025-01-29T13:30:57","slug":"ghana-saves-2-86bn-in-debt-service-relief-as-it-secures-final-mou-with-official-creditors","status":"publish","type":"post","link":"https:\/\/www.fishfmonline.com\/?p=10081","title":{"rendered":"Ghana saves $2.86bn in debt service relief as it secures final MoU with Official Creditors"},"content":{"rendered":"<p>The Government of Ghana has formalized a crucial debt treatment agreement with its Official Creditors Committee (OCC) by signing a Memorandum of Understanding (MoU), a significant step towards restoring long-term debt sustainability.<\/p>\n<div id=\"mjo-article-left_rectangle_mid\" data-google-query-id=\"CJ-9w_ODm4sDFR1NFQgdxyc1Mw\">\n<div id=\"google_ads_iframe_\/1002554\/Myjoyonline\/mjo-article-left_rectangle_mid_0__container__\">The agreement, co-chaired by China and France, was disclosed in a statement from the Ministry of Finance dated January 29, 2025.<\/div>\n<\/div>\n<p>This milestone comes after Ghana, in December 2022, suspended portions of its external debt servicing to commercial and bilateral lenders amid a deep economic crisis.<\/p>\n<p>At the time, inflation had soared to a staggering 54%, while international reserves had plunged to less than two months of import cover. The nation embarked on a comprehensive debt restructuring journey, including the successful completion of its Domestic Debt Exchange Programme (DDEP) in 2023.<\/p>\n<p>A year ago, on January 12, 2024, Ghana reached an agreement with its Official Creditors under the G20 Common Framework for Debt Treatments, going beyond the Debt Service Suspension Initiative (DSSI).<\/p>\n<p>However, it has taken another year to finalize and formalize the terms through the MoU.<\/p>\n<p>\u201cWith the MoU now signed, the agreed terms will be implemented through bilateral agreements with each OCC member,\u201d the Finance Ministry\u2019s statement confirmed.<\/p>\n<p>According to the International Monetary Fund\u2019s December 2024 report, Ghana is set to benefit from a substantial debt servicing relief of approximately $2.86 billion.<\/p>\n<p>Of this amount, an estimated $657 million is expected to be realized within 2025, providing much-needed fiscal space for economic recovery.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Government of Ghana has formalized a crucial debt treatment agreement with its Official Creditors Committee (OCC) by signing a Memorandum of Understanding (MoU), a significant step towards restoring long-term debt sustainability. The agreement, co-chaired by China and France, was disclosed in a statement from the Ministry of Finance dated January 29, 2025. This milestone [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":10082,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[41],"tags":[3252,3253,149,163],"class_list":["post-10081","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general-news","tag-china","tag-france","tag-ghana","tag-imf"],"_links":{"self":[{"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/10081","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10081"}],"version-history":[{"count":1,"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/10081\/revisions"}],"predecessor-version":[{"id":10083,"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/10081\/revisions\/10083"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=\/wp\/v2\/media\/10082"}],"wp:attachment":[{"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10081"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10081"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10081"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}