Finance Ministry Signs Debt Relief MOU with Official Creditors

Minister of Finance, Dr. Cassiel Ato Forson, has announced the signing of a Memorandum of Understanding (MoU) between Ghana and its Official Creditors Committee (OCC). Speaking at a press conference today, Dr. Forson confirmed that all participating creditor countries have signed the agreement, marking a significant milestone in Ghana’s debt restructuring efforts.

“Ghana extends its deepest gratitude to all members of the OCC, particularly the committee’s co-chairs, China and France, for their unwavering commitment to assisting Ghana in resolving its debt challenges,” Dr. Forson stated.

The MoU formalizes the debt treatment agreed upon with official creditors and represents a crucial step toward restoring Ghana’s long-term debt sustainability. The agreement provides substantial debt service relief during the period of the International Monetary Fund (IMF)-supported program, ensuring that financial resources can be redirected toward economic recovery and development.

With the signing of the MOU, Ghana will now proceed to implement the agreed terms through bilateral agreements with each OCC member. Dr. Forson reaffirmed Ghana’s commitment to working closely with its official creditors to expedite the process and finalize these agreements.

Additionally, he assured that Ghana will continue to engage in good faith with all commercial external creditors, striving to reach restructuring agreements that align with the country’s debt relief needs while upholding the principle of fair treatment for all creditors.

The signing of this agreement is a major step in Ghana’s efforts to stabilize its economy and build a sustainable financial future.

By Madjid Diallo || GhanaNewsOnline