May 29, 2024

Ghana Finance Minister Expects Memorandum of Understanding With Bilateral Lenders in May

By Maxwell Akalaare Adombila

WASHINGTON (Reuters) – Ghana’s Finance Minister expects a draft Memorandum of Understanding (MoU) from the country’s bilateral creditors in May on a restructuring deal, he said on Sunday.

The MoU, once signed, would cement a deal to restructure $5.4 billion of loans with its official creditors, including China and France, agreed in January.

The restructuring is a milestone in Ghana’s quest for debt relief as it charts its way out of the worst economic crisis in a generation and should unlock further tranches of its $3 billion programme with the IMF.

Speaking on the sidelines of the IMF and World Bank Spring Meetings in Washington, Mohammed Amin Adam also said he was confident the International Monetary Fund’s executive board will approve in June the review of its staff-level agreement.

Photos You Should See – April 2024

TOPSHOT - Marine One with US President Joe Biden onboard takes off from the South Lawn of the White House in Washington, DC, on April 16, 2024. Biden is travelling to Scranton, Pennsylvania. (Photo by Drew ANGERER / AFP) (Photo by DREW ANGERER/AFP via Getty Images)

(Reporting by Maxwell Akalaare Adombila; Writing by Portia Crowe; Editing by Andrew Cawthorne and Barbara Lewis)

Copyright 2024 Thomson Reuters.

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