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Ghana secures $2.8bn debt relief as official creditors sign MoU
Ghana has formally secured $2.8 billion in debt relief after all 25 members of its official creditor committee fully signed the Memorandum of Understanding (MOU) which was initially reached in principle under the G20 Common Framework for Debt Treatment.
This is expected to provide crucial fiscal breathing space as Ghana advances structural reforms under its $3 billion International Monetary Fund (IMF) programme.
He said, “The Government of the Republic of Ghana is pleased to announce that the Memorandum of Understanding (MoU) reached with its Official Creditor Committee (OCC) has been signed by all Participating Creditor Countries”, Finance Minister, Dr. Cassiel Ato Forson, told the media in Accra on Wednesday, January 29, 2025.”
“The signing of the MoU formalises the debt treatment agreed upon with Official Creditors and marks a crucial step towards Ghana restoring long-term debt sustainability. The agreement provides significant debt service relief during the Fund-supported programme period, allowing financial resources to be directed towards supporting and strengthening the economic recovery”, he added.
He disclosed that discussions surrounding the remaining 7% of the deal are ongoing. The outstanding 7% involves negotiations with about 60 international financial institutions.
However, a $2.7 billion debt arrangement with commercial creditors remains unresolved – leaving the government focused on securing a final agreement in the coming months.
“Ghana continues to engage in good faith with all commercial external creditors, striving to finalise restructuring agreements that respect Ghana’s need for debt relief and the comparability of treatment principle, the Minister added.
With the signing of the MOU by all members of Ghana’s official creditor committee, the country is nearing the completion of its external debt restructuring process.
Securing this final component is critical to restoring fiscal stability and achieving the goals outlined in Ghana’s $3 billion International Monetary Fund (IMF) programme.
The debt relief under the G20 Common Framework provides Ghana with much-needed fiscal space to implement reforms, stabilize the economy and rebuild investor confidence.
This progress is also a significant step toward addressing the country’s debt sustainability challenges and positioning it for long-term economic recovery.
Government officials remain optimistic that ongoing engagements with commercial creditors will yield favourable outcomes, allowing Ghana to finalise its comprehensive external debt restructuring plan.
Source: Citinewsroom.com
The Accra High Court of Ghana has granted bail in the sum of GH¢30 million to Frederick Kumi, popularly known as Abu Trica, in a major development in his ongoing extradition case.
Abu Trica as part of the bail condition is expected to provide two sureties.
His lawyer, Oliver Barker-Vormawor, disclosed the decision in a Facebook post on Tuesday.
Frederick Kumi, also known as Abu Trica, has been at the centre of a prolonged legal process to extradite him.
The latest ruling allows him temporary freedom while legal proceedings continue.
His legal team is expected to provide further updates on the next steps in court.
By: Jacob Aggrey
The Public Accounts Committee (PAC) today commenced its second Zonal Public Hearing in Kumasi Ashanti Region to examine the 2024 Auditor-General’s Report on public schools and District Assemblies yesterday, April 20, 2026.
In her opening remarks, the Chairperson of the Committee, Abena Osei Asare noted that the Committee will consider four (4) Auditor – General’s reports, namely, District Assembly Common Fund (DACF) & Other Statutory Funds, The Accounts of District Assemblies for the Financial Year (IGF), Pre-University Education Institutions and lastly Colleges of Education in the year ending 31st December 2024.
She assured the various District Assemblies and other institutions invited to respond to infractions cited in the Auditor-General’s report that the Committee would be transparent in asking questions as well as granting opportunities to all to explain issues to the Committee.
Abena Osei Asare, allowed the Ranking Member of the Committee, Samuel Atta Mills to chair the sitting with the explanation that her government was in power then, therefore she could not chair over Auditor-General reports of 2024.
