Ghana Restructures $2.7 Billion in Loans with 60 International Banks
Finance Minister Cassiel Ato Forson announced that Ghana is currently negotiating with approximately 60 international banks to restructure $2.7 billion in outstanding loans. This constitutes the final phase of Ghana's $3 billion IMF restructuring program.
Ghana sought IMF assistance in response to a ballooning debt burden and a subsequent default in 2022. Since then, the country has successfully restructured $13 billion in eurobonds, $5.1 billion in bilateral loans, and 203.4 billion cedis ($13.3 billion) of domestic debt.
Forson, appointed by President John Mahama, has pledged to implement spending cuts to stabilize the economy and prevent a recurrence of the debt crisis faced under previous leadership. Mahama secured an overwhelming victory in the December 2022 elections, capturing 56.6% of the vote.
Ghana has reached memorandums of understanding (MOUs) with all 25 bilateral lenders, following an agreement with the official creditor committee in June under the G20's Common Framework for Debt Treatment.