Today, Monday, January 8, 2024, is a critical conference that Ghana has scheduled with its external creditors to finalize a strategy for restructuring an estimated $5.4 billion in external debt.
Discussions on debt-related issues, economic changes, and cooperative tactics for long-term financial management make this meeting extremely important.
Much of Ghana’s $20 billion external debt has been designated for restructuring and is held by the Official Creditor Committee (OCC), which is co-chaired by the governments of China and France. Although the government claims that negotiations are ongoing, there is still a disagreement over when external debt must be included in the restructuring process.
As of October 2023, Ghana’s access to the second tranche of the $3 billion International Monetary Fund (IMF) bailout package was made possible by the Ministry of Finance’s prompting of bilateral creditors to quickly agree on terms of debt relief.