Adnan Adams Mohammed
The Government of Ghana has assured its outstanding external creditors that it aims to reach an agreement that balances the interests of all stakeholders in its ongoing debt restructuring negotiations.
In a press statement issued by the Ministry of Finance, the government acknowledged progress in the negotiations, reaffirming its dedication to fair and transparent discussions in line with the G20 Common Framework.
The Ministry further confirmed that the government has strictly followed the terms of its Memorandum of Understanding (MoU) with official creditors, and has maintained arrears with all external creditors included in the debt restructuring scope.
“The Government remains committed to achieving a fair and mutually beneficial resolution with all creditors, and thanks its partners for their forbearance, cooperation, and support,” the statement said.
The Ghanaian government emphasized that no creditor has been given preferential treatment, in keeping with the principle of Comparability of Treatment.
“In line with Ghana’s commitments to the official creditors, under the G20 Common Framework, no creditor has been treated preferentially,” the statement noted.
“This is consistent with the principle of Comparability of Treatment.”
The G20 Common Framework, used for Ghana and Zambia’s restructuring process, brings together all official creditors (Paris Club countries plus China and others) to negotiate in a single official creditor committee (OCC), which is then sequentially followed by negotiating with bondholder groups and commercial creditors.
In January, 2024, the government announced that it has reached an agreement with some of its Official Creditors under the G20 Common Framework, on a comprehensive Debt Treatment Beyond the Debt Service Suspension Initiative. This followed the successful completion of the Domestic Debt Exchange Programme (DDEP) in 2023, which signaled significant positive steps towards restoring Ghana’s long-term debt sustainability.
