GHANA’S Finance Minister, Mohammed Amin Adam, announced on Sunday that the country anticipates receiving a draft Memorandum of Understanding (MoU) from its bilateral creditors in May regarding a restructuring deal. This MoU, once finalised, will formalise a plan to restructure $5.4bn of loans with official creditors, including China and France, as agreed upon in January.
The restructuring represents a significant step in Ghana’s efforts to secure debt relief amidst its severe economic challenges, potentially paving the way for further disbursements under its $3bn programme with the IMF.
Mohammed Amin Adam expressed confidence that the IMF’s executive board will approve the review of its staff-level agreement in June, a crucial step in Ghana’s economic recovery plan.
The announcement was made during the IMF and World Bank Spring Meetings in Washington, reflecting Ghana’s commitment to addressing its economic crisis and seeking necessary support from international partners.