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Ghana secures $2.8bn debt relief as official creditors sign MoU

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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
Ga Mantse to confer new titles on Africa Monologue Challenge contestants

His Royal Majesty King Tackie Teiko Tsuru II, the Ga Mantse, has announced plans to confer new traditional titles on the 12 finalists of the Africa Monologue Challenge (AMC) Season Three before they leave Ghana.
The announcement was made when the finalists paid a courtesy call on the Ga Mantse at his residence as part of activities for the competition.
The visit gave the contestants an opportunity to experience and learn about the rich traditions, culture and heritage of the Ga people.
Addressing the contestants, King Tackie Teiko Tsuru II welcomed them to Ghana and wished them success in the competition.
He encouraged them to give their best and remain proud of their journey, regardless of who eventually emerges as the winner.
The Ga Mantse noted that participating in the competition and travelling to Ghana to connect with the continent’s culture and heritage was already a significant achievement.
He further expressed admiration for the contestants’ commitment to Africa and their role in promoting the continent’s stories through storytelling.
King Tackie Teiko Tsuru II indicated that he would engage the organisers of the Africa Monologue Challenge to set aside a special day to honour the contestants and confer the new titles on them before their departure.
The 12 finalists are representing Ghana, Nigeria, South Africa, Zambia, Kenya, Botswana, the Republic of Congo, Benin, Senegal, Côte d’Ivoire, Cameroon and the United States, which is representing the African Diaspora.
The finalists were selected from more than 2,000 entries for a month-long Pan-African House residency in Ghana.
Speaking during the visit, the President of the African Chamber of Content Producers and Chief Operating Officer of the Africa Monologue Challenge explained that the finalists were no longer viewed simply as individuals but as representatives of their respective countries.
He noted that at the Pan-African House, each contestant’s room symbolically represents a country.
Mawuko Kuadzi, Chief Executive Officer of MK Casting and the Africa Monologue Challenge, expressed optimism that the third edition would be more exciting than the previous two editions.
He noted that the competition had continued to grow since the first edition in Ghana and the second edition in Uganda.
Mr Kuadzi attributed the expected success of this year’s competition to the support of sponsors and partners.
He explained that the Africa Monologue Challenge was an important platform for projecting Africa in a positive light and telling the continent’s stories to the world.
“We believe this is a tool we are going to use to project Africa in a positive light,” he stated.
The Chairman of the AMC Season Three Planning Committee, Roger Quartey, also highlighted the importance of the competition in showcasing African talent to the world.
He noted that the challenge would provide a platform for the finalists to demonstrate their talents while promoting their respective countries and Africa as a whole.
The Africa Monologue Challenge Season Three brings together young storytellers from across Africa and the diaspora to promote the continent’s rich culture, history and stories.
The finalists are currently in Accra for the competition and other activities designed to expose them to Ghanaian and African culture and heritage.
By: Jacob Aggrey
News
Court dismisses bid to strike out charges in NPA UPPF corruption case

The High Court has dismissed an application by the accused persons in the ongoing National Petroleum Authority (NPA) and Unified Petroleum Pricing Fund (UPPF) corruption case seeking to have the charges against them struck out.
The ruling means the substantive trial will continue.
The case involves former Chief Executive Officer of the NPA, Mustapha Abdul-Hamid; former UPPF Coordinator, Jacob Kwamina Amuah; NPA staff member, Wendy Newman; Bright Bediako-Mensah; Kwaku Aboagye Acquaah; and three companies, Propnest Limited, Kel Logistics Limited and Kings Energy Limited.
The accused persons had asked the Court to strike out the charges brought against them.
However, the High Court dismissed the application, describing it as without merit.
The Republic has filed 54 charges against the accused persons, including corruption and corruption-related offences, extortion, money laundering and conspiracy to commit a crime.
According to the Republic, approximately GH¢291.57 million and US$332,407 was allegedly unlawfully obtained through a scheme involving officials of the NPA between 2022 and December 2024.
The prosecution further alleges that portions of the funds were channelled through companies linked to some of the accused persons.
It maintains that some of the money was subsequently used in transactions involving land, buildings, trucks and fuel stations.
With the Court dismissing the application to strike out the charges, the accused persons will now proceed with the substantive trial.
By: Jacob Aggrey








