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Ghana secures Paris Club financing assurance for $3bn IMF bailout
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China and the Paris Club have agreed to provide the debt assurances required to aid Ghana’s request for a balance of payment support from the International Monetary Fund (IMF).
They have thus asked all private creditors and other official bilateral creditors to commit to Ghana’s deal without any further delay.
This was contained in a press statement issued by the Paris Club on Friday, May 12.
“The creditor committee stresses that the Ghanaian authorities are expected to seek from all private creditors and other official bilateral creditors debt treatments on terms at least as favourable as those being considered by the creditor committee, in line with the comparability of treatment principle.
“Consequently, the creditor committee urges private creditors and other official bilateral creditors to commit without delay to negotiate with Ghana such debt treatments that are crucial to ensure the full effectiveness of the debt treatment for Ghana under the Common Framework,” excerpts of the statement said.
Also, a creditor committee for Ghana has been formed by countries with eligible claims to see to the quick implementation of the resolution. The creditor committee is expected to be co-chaired by China and France.
“The creditor committee examined the macroeconomic and financial situation of Ghana, including its long-term debt sustainability, and its formal request for a debt treatment under the “Common Framework for Debt Treatments beyond the DSSI” endorsed under the Saudi G20 Presidency in November 2020, which was also endorsed by the Paris Club.”
“The creditor committee supports Ghana’s envisaged IMF upper credit tranche (UCT) program and its swift adoption by the IMF Executive Board to address Ghana’s urgent financing needs. The creditor committee encourages Multilateral Development Banks (MDBs) to maximize their support for Ghana to meet its long-term financial needs,” the statement added.
Consequently, the Finance Ministry has taken to Twitter to express gratitude to all who have supported Ghana’s cause.
“The Paris Club has today established the OCC (co-chaired by China & France). With the granting of Financing Assurances, Ghana is now ready to go to the IMF Board. Thank you to all our bilateral partners for helping us reach this significant milestone! #ResolvingTogether.”
On Thursday, Information Minister Kojo Oppong Nkrumah had said the country would soon secure a bailout from the International Monetary Fund (IMF).
According to him, Ghana’s package was virtually ready to be presented for approval any moment now following the government’s successful engagement with Ghana’s creditors.
Mr Oppong Nkrumah said this was according to information from government sources within the Bretton Woods institution.
Source: Myjoyonline.com
The New Patriotic Party (NPP) has directed all aspirants campaigning in the Greater Accra Region to suspend their campaign activities on August 5 and 6 and instead mobilise supporters for the party’s planned “Democracy Under Attack” demonstration.
The directive was issued by the party’s National Steering Committee in a statement signed by the NPP General Secretary, Justin Kodua Frimpong, on Tuesday.
According to the statement, the decision forms part of efforts to ensure a strong turnout for the demonstration, which is scheduled for Thursday, August 6, 2026.
The party said the protest would begin at 5:00 a.m., with participants expected to gather at the Supreme Court in Accra.
It further directed Regional, Constituency and Polling Station Executives in Greater Accra to work closely to mobilise members and supporters for the event.
“The National Steering Committee is calling on all aspirants currently campaigning across the Greater Accra Region to temporarily suspend their campaign activities on the 5th and 6th of August and join in mobilising support for the upcoming demonstration,” the statement noted.
The NPP appealed to party members and supporters to remain peaceful, disciplined and orderly throughout the protest.
The demonstration forms part of the party’s response to concerns it has raised over issues relating to Ghana’s democratic governance and the justice system.
The NPP leadership expressed confidence that party members would cooperate fully to ensure a successful and peaceful event.
By: Jacob Aggrey
Attorney General and Minister for Justice, Dr. Dominic Ayine, has announced that the government has accepted the recommendation to abolish the death penalty and replace it with life imprisonment as part of the constitutional review process.
He said the proposed amendment would affect Articles 3, 13, 19 and 72 of the 1992 Constitution, with offences that previously attracted the death penalty instead carrying life imprisonment.
Dr. Ayine made the announcement on July 30, 2026, at the Jubilee House in Accra during the Government Accountability Series while outlining the government’s position on the final recommendations of the Constitution Review Committee.
According to him, the government believes the death penalty is inconsistent with the constitutional right to life and Ghana’s international human rights obligations.
He explained that the recommendation forms part of broader proposals aimed at strengthening the protection of fundamental human rights under the Constitution.
Dr. Ayine said the government had also accepted the spirit of several recommendations to expand rights relating to women, children, persons with disabilities, older persons and the youth.
He added that a comprehensive Human Rights Act would be introduced to protect these rights and provide detailed enforcement mechanisms instead of amending the entrenched provisions of the Constitution through a national referendum.
By: Jacob Aggrey
