Ghana signs MoU with official creditor committee to address debt issues

Accra, Ghana – January 29, 2025: The Government of Ghana has officially signed a Memorandum of Understanding (MoU) with its Official Creditor Committee (OCC), marking a significant step toward resolving the country’s debt challenges and ensuring long-term financial stability.

The agreement, facilitated by the OCC and co-chaired by China and France, solidifies Ghana’s commitment to implementing its debt restructuring program.

The government expressed gratitude to all OCC members for their unwavering support in this critical period of economic recovery.

The signed MoU formalizes a comprehensive debt treatment plan, enabling Ghana to redirect financial resources toward strengthening economic recovery initiatives.

The agreement also ensures significant debt service relief during the period of the International Monetary Fund (IMF)-supported program, which is vital for the country’s fiscal sustainability.

The implementation of the agreed terms will be carried out through bilateral agreements with each OCC member.

Ghana has assured its commitment to expedite this process and work collaboratively with its creditors to finalize these agreements.

Additionally, the government reaffirmed its intention to engage in good faith with all commercial external creditors to complete the restructuring process, emphasizing the need for debt relief and adherence to the comparability of treatment principle.

The Ministry of Finance, through its Public Relations Unit, issued this announcement and reiterated its commitment to restoring Ghana’s economic stability and credibility on the global stage.