GHANA
Debt treatment - June 11, 2024
Supporting agreements with the international institutions
IMF programme supported by the arrangements under the Extended Credit Facility (ECF) approved on May 17, 2023, in an amount equivalent to SDR 2.242 billion (about $3 billion)
Download the IMF report ECF document
Total external debt of the country
$30.6 billion as of 31 December 2022, including $15.9 billion to external private creditors (51% of the total external debt), $8.1 billion to multilateral creditors (26%), $5.1 billion to official bilateral creditors (16%), mostly due to Official Creditors Committee (OCC) members and $1.6 billion to non-resident holders of domestic debt (5%).
Accorded treatment
For the OCC, a flow treatment is applied, with the total debt service due during the years of the IMF programme period (from January 1, 2023 to December 31, 2026) rescheduled through maturity extension and reduced interest rate. The debt service due from December 20 to December 31, 2022 is also included in the flow debt treatment.
MoU implementation table
GHANA
| Creditor | Bilateral agreement signed on |
|---|---|
|
12 months
|
|
| France | July 2025 |
| China | August 2025 |
| Finland | August 2025 |
| United Kingdom | September 2025 |
| Spain | October 2025 |
| Germany | November 2025 |
| Czech Republic | December 2025 |
| Republic of Korea | February 2026 |
| Belgium | March 2026* |
| South Africa | March 2026* |
| India | March 2026 |
| Denmark | April 2026 |
| United States of America | May 2026 |
| Switzerland | June 2026 |
| Italy | Ongoing |
| Austria | Ongoing |
| Japan | Ongoing |
| Norway | Ongoing |
| Netherlands | Ongoing |
| Israel | Ongoing |
| Canada | Ongoing |
| Brazil | Ongoing |
| Saudi Arabia | Ongoing |
| Sweden | Ongoing |
| Türkiye | Ongoing |
Repayment profile
Maturities falling due in a specific year N are to form a debt stock which will accrue an annual restructuring interest to be capitalized until repayment in years N+16 and N+17. The weighted average maturity was extended from 2029 to 2038. The level of the restructuring interest rate will depend on the contractual interest rate of each claim.
Specific provisions
New disbursements: disbursements made by the OCC on or after January 1, 2023 are not included in the scope of the treatment
Comparability of treatment provision
In order to secure comparable treatment of its debt due to all its other external creditors in the scope of the debt treatment, the Ghanaian Government commits to promptly seek from such creditors a treatment on terms at least as favourable to Ghana as those on which it reached consensus with the OCC. The Ghanaian Government commits to, on a quarterly basis, inform the OCC, through its Secretariat and Chairs, on the progress of negotiations with all other external creditors in the scope of the debt treatment.
Cut-off date
December 31, 2022
Organisation of the session
Key dates:
- Staff-Level Agreement: December 12, 2022
- Formation of the OCC: May 12, 2023
- OCC financing assurances: May 12, 2023
- IMF programme approval: May 17, 2023
- Agreement-in-principle (AIP) on main terms: January 12, 2024
- IMF 1st Review: January 19, 2024
- Agreement on the MoU: June 11, 2024
- IMF 2nd Review: June 28, 2024
Members of the Official Creditors Committee
- OCC co-chairs: CHINA, FRANCE
- OCC members:
- AUSTRIA
- BELGIUM
- BRAZIL
- CANADA
- CHINA
- CZECH REPUBLIC
- DENMARK
- FINLAND
- FRANCE
- GERMANY
- INDIA
- ISRAEL
- ITALY
- JAPAN
- NETHERLANDS
- NORWAY
- REPUBLIC OF KOREA
- SAUDI ARABIA
- SOUTH AFRICA
- SPAIN
- SWEDEN
- SWITZERLAND
- TURKIYE
- UNITED KINGDOM
- UNITED STATES OF AMERICA
Press-releases are available on the following links:
- Agreement on main terms, January 2024 : Ghana Reaches Agreement with Official Creditors on Debt Treatment Under the G20 Common Framework | Ministry of Finance | Ghana (mofep.gov.gh)
- Agreement on the MoU, June 2024 : Ghana’s Government Has Reached a Memorandum of Understanding with Its Official Creditor Committee | Ministry of Finance | Ghana (mofep.gov.gh)