Ghana has secured a Memorandum of Understanding (MoU) from bilateral creditors regarding the restructuring of its debts.

This achievement comes after members of the official creditor committee and Ghana’s bilateral creditors obtained the necessary approvals from their respective countries and parliaments for the terms agreed upon earlier this year.

The committee is expected to release a statement soon to confirm the deal. Sources indicate that although the agreement was reached in February 2024, the MoU was delayed due to the drafting process.

In January 2024, Ghana secured “an agreement in principle” with bilateral creditors under the G20 Common Framework debt treatment. This milestone aided the country in completing the first review under the IMF program.  

Professor of Finance at the Univerity of Ghana  Business School Professor Lord Mensah described the latest development as welcoming but says Ghana has more work to do in reaching an agreement with its remaining external debts.