President Nana Akufo-Addo has said his government is “making progress on the external debt negotiations” with its development partners “since the Government announced an external debt service suspension on 19th December 2022 for certain categories of external debt, to ensure an orderly restructuring”.
The suspension, the president told parliament in his state of the nation address on Wednesday, 8 March 2023, “is an interim emergency measure toward a comprehensive external debt operation which will contribute to the restoration of our debt sustainability in line with our request for a debt treatment under the G20 Common Framework”.
“I want to express our appreciation to the members of the Paris Club and to the Peoples’ Republic of China for the co-operation they have, so far, exhibited to us in attempting to reach an agreement, and in their attempt to establish an Official Credit Committee”.
“We look forward to their fast-tracking the needed financing assurances for IMF approval. We are confident that, with their co-operation, we will reach our March deadline for going to the Fund”, he said.
Already, the government has restructured its domestic debt and now seeking to replicate it on the international front in order to clinch an approval for a $3-billion extended credit facility from the Board of the IMF.
Source: Ghana Web