Ghana will benefit from $2.8 billion worth of debt relief after signing MoU with the Official Creditor Committee – Ato Forson

The Minister in charge of Finance, Dr. Cassiel Ato Forson, has disclosed that Ghana will benefit from $2.8 billion worth of debt relief after signing a Memorandum of Understanding (MoU) with Official Creditor Committee (OCC).

The Finance Minister announced on Wednesday that Ghana has officially signed a Memorandum of Understanding with its Official Creditor Committee, marking a major milestone in the country’s efforts to restore long-term debt sustainability.

At a press conference, the Minister indicated that the agreement formalises the debt treatment terms reached with Official Creditors and provides significant relief during Ghana’s Fund-supported program period.

The MoU will allow financial resources to be redirected towards economic recovery, ensuring stability and growth. With the agreement now in place, Ghana will proceed with signing bilateral agreements with each OCC member to implement the agreed terms. The Minister reaffirmed the government’s commitment to working closely with Official Creditors to expedite the process.

He further disclosed that while 93% of Ghana’s total debt has already been restructured, 7% remains, amounting to $2.7 billion owed to 60 different international banks.

He emphasised that although the remaining percentage may seem small, the complexity of payments to multiple banks presents a significant financial task.

The signing of the MoU secured $2.8 billion in debt relief for Ghana, a development the Minister described as a significant breakthrough.

He noted that the Official Creditor Committee, comprising 25 countries, has fully agreed to the terms, paving the way for implementation. He expressed gratitude to all members of the OCC, particularly the committee’s co-chairs, China and France, for their unwavering support in resolving Ghana’s debt challenges.

"So far, we have done 93%, and there is some 7% left. But let me say that, the 7%, even though it looks quite small, we are going to pay 60 different banks and so much money for that. The signing of the MOU simply means that there is $2.8 billion worth of debt relief that the government of Ghana is going to benefit from. That is the bottom line. I think it's good news,” he stated

He assured that Ghana remains committed to engaging in good faith with all commercial external creditors to finalize restructuring agreements that align with the nation’s debt relief needs while upholding the principle of comparability of treatment.