Ghana's debt restructuring takes another step forward
Ghana's President Nana Akufo-Addo looks on during the 5th Summit of "Christchurch Call", at the Elysee Presidential Palace in Paris, France on November 10, 2023. PHOTO | REUTERS
Ghana has agreed a memorandum of understanding (MoU) with its bilateral creditors, including China and France, to restructure $5.4 billion of debt, the government said on Friday, one-and-a-half years after the West African country defaulted.
The MoU paves the way for the executive board of the International Monetary Fund (IMF) to approve the disbursement of $360 million under Ghana's $3 billion, three-year bailout programme, which is expected next month.
