Following the conclusion of its mission to Ghana, the IMF noted that the country remains committed to completing its comprehensive public debt restructuring to restore sustainability. The IMF also highlighted that Ghana is finalizing bilateral agreements with its Official Creditors Committee (OCC) under the G20 Common Framework.

The IMF further stated that Ghana’s authorities are working diligently to reach an agreement with other commercial creditors on a debt treatment plan aligned with programme parameters and the principles of comparability of treatment.

In its statement, the IMF emphasized the importance of structural reforms, particularly in enhancing governance, transparency, and improving the management of State-Owned Enterprises (SOEs) in critical sectors such as gold, cocoa, and energy.

The IMF also welcomed the resumption of quarterly electricity tariff adjustments, which, along with the broader structural reforms, are expected to reduce the energy sector shortfall and prevent the accumulation of new arrears.

Additionally, the IMF noted that Ghana is committed to strengthening its public banks, as recapitalization efforts continue.

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It is optimistic that Ghana will also complete the non-bond debt treatment by the end of this year.

The UK-based firm disclosed this in its latest webinar on debt restructuring in Ghana, Zambia, and Ethiopia.

Thomas Garreau, Associate Director of Europe, Middle East, and Africa Sovereign Ratings at Fitch, said, “For Ghana, we also expect the completion of the common framework restructuring by the first half of next year. There are some elections, and that could delay the completion of the process, hence our forecast for next year.”

Ghana reached an agreement with the Official Creditor Committee (OCC) on the parameters of official debt treatment in January 2024.

The Eurobond exchange also took place in October 2024.

About US$14.2 billion of Eurobonds have been restructured so far, including PDIs.

The haircut represented 6.2% of Gross Domestic Product.

Interest payments have also been reduced by 8% of Fitch’s projected revenue in 2024, 5% in 2025, and 4% in 2026.