We’ve Not Failed at Reaching Deal with Bondholders- MoF

The Ministry of Finance has rubbished conclusions that the country has failed in striking a deal with international bondholders to make way for the disbursement of the third tranche of the International Monetary Fund (IMF) loan of about US$ 360 million.

In a notice, the Ministry said the conclusion in a section of the media is erroneous as the process to reach the deal is still ongoing.

According to it, significant strides have been made in the debt restructuring negotiations.

“No, this is not a failure but part of an ongoing process to arrive at an agreement consistent with debt thresholds under the DSA. We are regrouping to continue the negotiations, towards reaching an agreement on final terms that are consistent with IMF debt sustainability targets.”

Hon Amin Adam, the sector Minister in a tweet explained Ghana and Bondholders reached an interim deal “which must still be tweaked to meet IMF debt sustainability targets”.

Ghana has received a total of about US$ 1,560 million from the IMF and awaiting an additional US$ 360 million which is subject to IMF Management approval and Executive Board consideration once the necessary financing assurances are given by official bilateral creditors.

“Given Ghana’s strong progress under the IMF-supported program, the next key step for the country is to reach an agreement with its official bilateral creditors on an MoU consistent with the terms agreed in January 2024. We look forward to the authorities’ continued efforts to reach an agreement with all creditors in line with program parameters,” the IMF said in a statement dated April 13 released after a meeting held last week.