Pressure builds on Ghana’s creditors for external debt restructuring

November 24, 2023
Dr. Alhassan Iddrisu, the Director of Economic Strategy and Research at the Ministry of Finance
Dr. Alhassan Iddrisu, Ministry of Finance Director of Economic Strategy and Research

Dr. Alhassan Iddrisu, the Director of Economic Strategy and Research at the revealed that pressure is increasing on Ghana's bilateral creditors to finalize the external debt restructuring plan.

This disclosure comes as Ghana successfully fulfils all the necessary requirements for an agreement.

Speaking at the PwC 2024 Budget Digest, Dr Iddrisu highlighted Ghana's commitment to meeting its obligations and suggested that the nation is awaiting responses from external creditors.

He emphasized that the 2024 budget was crafted in alignment with the ongoing economic program in collaboration with the ().

“When you look at the agreement we've made some progress with the official bilateral creditors on the MoU [Memorandum of Understanding] we had earlier with the fund. We have met all the obligations as a country,” Dr. Iddrisu stated.

“The 2024 Budget has been prepared on the back of the IMF program. We have been able to stabilize the currency depreciation, and we can see a slowdown in inflation, which are all part of the obligations, and therefore there is a lot of pressure on the creditors to meet their part of the obligation so we get the MOU for the next stage which is the disbursement,” he added.

The Executive Board of the International Monetary Fund is scheduled to convene in December to approve $600 million as the second tranche of funds under its economic support program.

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