The International Monetary Fund said in a report published today that Ghana’s debt restructuring plan aims to relieve $10.5 billion in external debt servicing burdens during the period of the economic reform program agreed upon with the fund until 2026.
And the “Bloomberg” economic news agency stated that the local debt structuring program will reduce the burden of internal debt during the current year by 50 billion Ghanaian cedis ($4.6 billion).
The Government of Ghana also aims to reduce the public debt rate to 55% of GDP, and the external debt service rate to 18% of state revenues.
According to Bloomberg, Ghana’s currency, the cedi, has become the best performing currency in the world against the dollar over the past six months, as investors bet that Ghana was close to obtaining financing from the International Monetary Fund.
Yesterday, the Executive Board of the International Monetary Fund approved a $3 billion loan program over three years for Ghana, with an immediate tranche of about $600 million, providing a potential path for the West African country to emerge from its worst economic crisis in more than a decade. From 30 years.
The Fund stressed that timely debt restructuring agreements with external creditors will be necessary for the successful implementation of the loan program that will be carried out under the Extended Credit Facility and aims to help the country overcome immediate financing challenges.
He noted that the program would help mobilize additional external financing from development partners, and would also provide a framework for completing debt restructuring.
