News
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
News
Declare a state of emergency in parts of the country affected by illegal mining – Coalition Against Galamsey to Mahama
The Coalition Against Galamsey is asking President John Mahama to declare a state of emergency in areas badly affected by illegal mining.
According to the Convenor of the Coalition, Dr. Kenneth Ashigbey, the situation has gone beyond control and requires urgent action to save lives and protect the environment.
He explained that the Constitution allows a state of emergency to be declared when the actions of criminals threaten essential resources such as water, safety, and the survival of communities.
He said illegal miners were destroying water bodies and depriving large communities of clean drinking water, which is an “essential of life.”
Dr. Ashigbey stressed that the call was not for the entire country, but only for parts of Ghana where the destruction is severe.
He added that declaring a state of emergency in these areas will give government the legal power to act quickly and decisively.
He also called on the President to provide clear timelines and targets to guide the fight against galamsey.
This, he said, would help demonstrate government’s seriousness and commitment to ending the menace.
The Coalition insisted that declaring a state of emergency was no longer a last resort but an immediate step needed to save Ghanaians and protect the future of the country.
By: Jacob Aggrey
News
The Ghana Bar Association must be non-partisan in the discharge of their duties – Dominic Ayine urges
The Attorney General and Minister for Justice, Dominic Ayine, has called on the Ghana Bar Association (GBA) to remain non-partisan in the discharge of its duties.
He said the credibility of the legal profession would be at risk if the bar allowed itself to be influenced by political interests.
Speaking at the GBA 2025/ 2026 annual general conference, Dr. Ayine reminded members that their first allegiance was to the Constitution and the Republic, not to any government or opposition party.
He stressed that for over three decades, the GBA had played an important role in helping the Supreme Court interpret and enforce the law, but outside the courtroom, its advocacy had often lacked consistency.
Dr. Ayine pointed to past cases such as the 2015 petition against the former CHRAJ Chairperson, Loretta Lamptey, and the 2017 petition for the removal of Electoral Commission Chairperson, Charlotte Osei, where the bar remained silent.
He noted that the association only found its voice during the petition against former Chief Justice Gertrude Torkornoo, a stance he said coincided with the position of the opposition.
He questioned why the bar acted differently in those situations, especially since all three cases involved women of repute who held positions in key constitutional bodies.
Dr. Ayine urged the GBA to be the conscience of the republic, saying lawyers must defend the rule of law, the independence of the judiciary, and the rights of citizens regardless of which political party was in power.
He warned against inviting foreign interference in Ghana’s constitutional matters, saying international collaboration should be limited to professional exchanges and not politics.
He further encouraged the GBA to promote integrity among its members, strengthen pro bono services to support the poor, and embrace digital reforms such as e-filing and electronic court records to modernize the justice system.
According to him, the destiny of Ghana is tied to the integrity of the legal profession.
He added that if lawyers stand firm, the country will also stand firm, but if they falter, the republic will stumble.
By: Jacob Aggrey
