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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
Muslims across the country celebrated this year’s Eid-ul-Adha in a colourful and spiritually uplifting atmosphere under the theme, “A Season of Sacrifice, Solidarity and Spiritual Renewal.”
The celebration brought together Muslims from diverse backgrounds in a remarkable display of faith, unity and cultural heritage.
The occasion was marked by special Eid prayers at various designated grounds, the slaughtering of rams in homes for sharing among family members, friends and the less privileged, as well as musical concerts and recreational activities including horse riding.
Leading the celebration was the Chief Imam, Dr Sheikh Osman Sharubutu.
While the national celebration was held at the Black Star Square where President John Dramani Mahama was the Special Guest of Honour, similar gatherings took place at different centres across the capital and other regions of the country.
A visit by The Spectator to some celebration grounds revealed Muslims, both young and old, elegantly dressed in colourful jalabiya and other Islamic attire, reflecting the rich culture and traditions of the Muslim community.
The celebration also portrayed the spirit of religious tolerance and peaceful coexistence in the country, as a number of Christians joined their Muslim counterparts to mark the occasion.
Muslim leaders and government officials used the opportunity to call on the faithful to uphold the teachings of the Holy Quran, renew their spiritual commitment and refrain from acts capable of undermining the peace, unity and security of the nation.
They further urged Ghanaians to continue to live in harmony and support one another for national development.
By Linda Abrefi Wadie
Dear Obaa Yaa,
During Eid-ul- Adha celebration, I decided to spend the weekend at my boyfriend’s place since we were planning towards our marriage.
To my surprise, what keeps me wide awake, restless and frustrated every single time is that he snores loudly like a generator running on full power, and I genuinely cannot get any rest
At a point, I thought it was just a normal thing, but I have realised it is something he does with ease and doesn’t see anything wrong with it.
When he steps out in the morning, I try to get enough sleep because I may not sleep in the evening.
The most annoying thing is that, he always wants to cuddle me. These two things are a no for me and a red flag.
We are about to get married, what should I do?
Enam, Keta.
Dear Enam,
The snoring and constant cuddling are frustrating, but you don’t have to choose between sleep and closeness.
Start with the snoring: check if it’s worse when he sleeps on his back, cut out alcohol before bed, try nasal strips or a humidifier, and see a doctor if he pauses while breathing.
For quick relief, foam earplugs or noise-cancelling headphones help a lot.
Separate blankets, a bigger bed, or sleeping apart on some nights often makes couples rest well and feel closer overall.
Bring this up before the wedding .Tell him you want to wake up next to him for years to come, but sleep deprivation makes you both miserable.
Test earplugs and side-sleeping this weekend, and if it’s still unbearable, bring in a doctor. Good sleep matters more for your marriage than staying glued together all night.
