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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
National Democratic Congress (NDC) National Executive Committee member and Volta River Authority (VRA) Board Member, Wonder Victor Kutor, has described calls for the resignation of Foreign Affairs Minister Samuel Okudzeto Ablakwa as premature and unjustified.
He argued that there was no evidence to establish that the minister had committed any wrongdoing to warrant such demands.
Speaking on Joy News in Accra on Wednesday, October 28, 2026, Mr Kutor questioned what had changed to justify the growing calls for the minister to step down.
He recalled that the Ranking Member on Parliament’s Foreign Affairs Committee, Samuel Abu Jinapor, had earlier indicated that the opposition was not accusing Mr Ablakwa of any wrongdoing.
Mr Kutor, therefore, challenged those demanding the minister’s resignation to provide fresh evidence to support their position.
“The call for the Minister to resign is premature, it is untenable. There is no evidence. I mean, what has he done wrong?” he questioned.
He added that documents, including boarding passes, airline receipts and flight manifests relating to the minister’s return journey, had been provided.
Mr Kutor expressed concern that the calls for Mr Ablakwa’s resignation could discourage young politicians from speaking out against corruption and advocating transparency.
According to him, politicians should not be targeted or maligned for demanding accountability, warning that such treatment could create the impression that speaking against corruption could later become a liability when one is appointed to public office.
He maintained that calling for accountability and transparency should not be used as grounds to target public officials without evidence of wrongdoing.
By: Jacob Aggrey
Ghana will host the Africa Festival of Arts, Culture and Creatives (AFESTAC) 2026 alongside Industrial Skills Week Africa (ISWA) 2026 in Accra from December 9 to 12, 2026.
On the back of these programmes, Minister of Tourism, Culture and Creative Arts, Abla Dzifa Gomashie, has called on corporate Ghana, the media and the general public to support the initiative through partnerships, sponsorships and active participation.
The events, supported by the African Union Development Agency (AUDA-NEPAD), will bring together stakeholders to celebrate Africa’s rich cultural heritage, strengthen the creative economy, promote industrial skills development and create employment opportunities for young people.
By Edem Mensah-Tsotorme
