Official Creditor Committee Archives

29 Jan

Ghana Signs MoU with Official Creditor Committee

MAN Wontumi0 CommentsNewsGhana, Official Creditor Committee

The Government of Ghana announced today that it has signed a Memorandum of Understanding (MoU) with its Official Creditor Committee (OCC), marking a significant step towards restoring long-term debt sustainability. The MoU, signed by all participating creditor countries, formalizes the debt treatment agreed upon with official creditors and provides significant debt service relief during the Fund-supported program period. This will enable Ghana to direct financial resources towards supporting and strengthening its economic recovery. Dr. Cassiel Ato Baah Forson, Ghana’s Minister for Finance and Economic Planning addressing the media during a press conference in Accra, expressed gratitude to the OCC members,…

External Debt Restructuring: We Hope Official Creditor Committee And Government Will Find An Agreement Soon – IMF

wontumionlineBusinessexternal creditors, imf, Julie Kozack, Official Creditor Committee

The International Monetary Fund has reiterated its optimism that the Official Creditor Committee, and the Ghanaian government will find an agreement soon on the external debt restructuring. More than half of the country’s $52.3 billion debt are owned by external creditors including Eurobond holders and some banks, and therefore a significant ‘haircut’ from external holders is crucial to its quest to cut debt significantly. Speaking at a press conference, Julie Kozack, Director of Communications at the IMF said it is good for the Ghanaian government to finalise the restructuring of its domestic debt. UK-based Fitch Solutions and the Economist Intelligence…

Lobby External Creditors To Accept A Significant Haircut To Reduce Ghana’s Debt – Peprah

wontumionlineBusinessOfficial Creditor Committee, Professor Williams Peprah, Public Debt

Associate Professor of Finance at Andrews University, Michigan, USA, Williams Peprah, has urged the government to lobby the Official Creditor Committee to secure a better deal in order to help reduce the country’s external debt significantly. According to him, Ghana’s debt problem is due to the high foreign denominated debt, which is impacted by exchange rate losses. The country’s public debt went up by ¢6.3 billion between April 2023 and June 2023 to ¢575.5 billion. Professor Peprah told Joy Business, government must ensure the foreign creditors agree to significant haircut in order achieve the target for the debt restructuring. “Ghana’s…