The Government of Ghana has successfully secured $2.86 billion in debt service relief after signing a Memorandum of Understanding (MoU) with its Official Creditors Committee (OCC).
The agreement, co-chaired by China and France, represents a crucial step in Ghana’s ongoing efforts to restructure its debt and build a sustainable financial future.
This development, announced by the Ministry of Finance on January 29, 2025, follows years of economic turbulence.
Back in December 2022, Ghana found itself in the depths of a financial crisis, prompting the government to suspend portions of its external debt servicing to commercial and bilateral lenders. At the time, inflation had surged to a staggering 54%, and the country’s international reserves had dwindled to cover less than two months of imports.
Faced with mounting economic pressure, Ghana embarked on an ambitious debt restructuring journey, including the Domestic Debt Exchange Programme (DDEP), which was successfully completed in 2023.
The latest MoU formalizes an agreement reached on January 12, 2024, under the G20 Common Framework for Debt Treatments, an initiative designed to provide comprehensive debt relief beyond the Debt Service Suspension Initiative (DSSI).
