"Ghana Government Signs MOU with 25 Member Official Creditors Committee"

The Government of Ghana, through the Ministry of Finance, has successfully signed a Memorandum of Understanding (MOU) with 25 members of the Official Creditors Committee. This agreement marks a significant milestone in Ghana’s efforts to manage its external debt and move towards economic recovery.

In a press briefing, the newly appointed Minister of Finance, Casiel Ato Forson, announced that the MOU with the Official Creditors Committee amounts to a substantial 2.7 billion USD. Forson explained that the government would now begin implementing the agreed terms with each of the members of the Official Creditors Committee (OCC). He emphasized that these terms would expedite the bilateral agreements that are crucial for the debt restructuring process.

The signing of the MOU is a key component of the government’s broader strategy to restructure Ghana’s external debt. According to the minister, this formal agreement with the Official Creditors Committee follows extensive and detailed negotiations that were initiated by the government in June 2024. Forson described the MOU as a formalization of the treatment agreed upon during these negotiations, which were focused on providing Ghana with more sustainable debt management and better financial stability.

He further emphasized that this agreement represents a deliberate and strategic move by the government to reduce Ghana’s external debt burden and ensure that the country is on a path toward long-term economic stability. Forson noted that the government’s debt restructuring efforts are crucial for creating a more manageable financial framework, allowing for improved fiscal policies and a better environment for economic growth.

With the debt restructuring process moving forward, the Minister highlighted the government’s next steps, which will focus on implementing an ambitious reform agenda. Forson stressed that the government is now shifting its attention to economic recovery, prioritizing policies that will foster strong, resilient, and inclusive growth for the entire nation. This includes focusing on initiatives that will boost key sectors of the economy, promote job creation, and ensure that the benefits of growth are shared by all Ghanaians, particularly the most vulnerable.

Additionally, Forson mentioned that the government is committed to ensuring that the restructuring process continues to be transparent and effective. The aim is to build a robust economic foundation that will support sustainable development and ensure that the country’s debt management practices are more in line with global best practices.

The MOU’s signing is a clear indicator that Ghana is on track to achieve its long-term economic goals. The restructuring process, which was triggered by the government’s proactive approach to managing its debt, will play a pivotal role in stabilizing the country’s economy and reducing the fiscal strain. With this agreement in place, the government can now focus on implementing the reforms necessary for the country’s economic revitalization.

The MOU between the Government of Ghana and the Official Creditors Committee is a major step forward in the nation’s economic recovery plan. With the restructuring process in progress, the government is focused on creating a more sustainable financial future for the country and promoting inclusive growth for all its citizens.