Ghana’s bilateral lenders through the Official Creditor Committee (OCC) have approved government’s deal with Eurobond holders on proposed terms to restructure about $13.1 billion debt.
The Ministry of Finance in a statement released on July 8, 2024 announced that “it has received a formal confirmation from its OCC that the Agreement in Principle reached with representatives of Eurobond holders is consistent with the Comparability of Treatment principle”.
This is coming after the government earlier this month, announced that it has reached an “Agreement In Principle” with the Eurobond holders to restructure the $13.1 billion debt owed the bondholders.
The move is coming at a time that the International Monetary Fund (IMF) has also said the deal with the bondholders is in line with the Fund programme to enable the country reach sustainable debt levels by 2028.
This was after the IMF board met to pass Ghana on the second review under the programme.
The Executive Board in a statement noted that “The agreement on the debt treatment is consistent with the programme parameters, provided the financing assurances are necessary for the second review under the ECF Arrangement to be completed”.
Source: myjoyonline
