Finance Ministry reaffirms commitment to equitable debt restructuring

The Government of Ghana has reaffirmed its commitment to fair and balanced debt restructuring efforts, announcing steady progress in discussions with all remaining external creditors.

In a statement issued by the Ministry of Finance on Thursday, May 29, the government assured international partners that no creditor has been given preferential treatment, in line with the G20 Common Framework’s principle of Comparability of Treatment.

“In line with Ghana’s commitments to the official creditors, under the G20 Common Framework, no creditor has been treated preferentially. This is consistent with the principle of Comparability of Treatment. We have strictly applied the provisions in the Memorandum of Understanding with our official creditors, and in particular, have continued to remain in arrears with all external creditors included in the debt restructuring perimeter,” a part of the statement noted.

The Ministry expressed gratitude to creditors and partners for their patience, cooperation, and ongoing support, emphasizing that Ghana is on course to reach a resolution that benefits both the nation and its lenders.

Meanwhile, President John Dramani Mahama has also weighed in on the country’s fiscal outlook, revealing that measures implemented by his administration to manage Ghana’s debt are beginning to yield results.

Speaking during a panel discussion at the 60th Annual General Meeting of the African Development Bank (AfDB) in Abidjan, Côte d’Ivoire, President Mahama said the cedi has begun to appreciate as confidence returns to the economy.

Mahama disclosed that over the past five months, the government has successfully reduced Ghana’s total debt by nearly GH¢150 billion.

He attributed this improvement to the government’s ongoing debt exchange programme and the recent conclusion of restructuring talks with bilateral creditors.

Mahama noted that these efforts have significantly lowered the debt burden and stretched out repayment timelines, bringing Ghana’s debt-to-GDP ratio down to about 75–76 percent.

Find below the statement from MoF