Ghana approves $2.8bn debt relief deal with 25 nations to support IMF bailout
Ghana's Parliament approved a $2.8 billion debt restructuring agreement involving 25 creditor nations.
The agreement enables further disbursements under Ghana's $3 billion IMF bailout programme.
The restructuring provides debt service relief with repayments deferred to 2039–2043.
The move paves the way for continued disbursements under Ghana's $3 billion International Monetary Fund (IMF) bailout programme, aimed at addressing the country's most severe economic crisis in decades.
The West African country, known globally as the world's second-largest cocoa producer, had defaulted on most of its external debt in December 2022. In January 2025, Ghana reached a Memorandum of Understanding (MoU) with the Official Creditor Committee, marking a significant milestone in its debt recovery path.
Debt relief and extended repayments
According to a parliamentary report seen by Reuters, the restructuring provides a debt service relief of $2.8 billion during the IMF-supported programme period (2023–2026).
The agreement entails the rescheduling and capitalisation of debt service payments originally due between 20 December 2022 and 31 December 2026.
These deferred payments will now be repaid between 2039 and 2043, effectively pushing repayments forward by over 15 years.
The Official Creditor Committee has agreed on interest rates ranging from 1% to 3%, based on the original contractual terms—rates that are significantly lower than current market levels, offering Ghana's treasury meaningful fiscal space.
Parliament backs deal as essential for economic stability
The report noted: 'The Committee observed that the debt restructuring was essential to support the government's efforts in restoring and sustaining macroeconomic stability and ensuring long-term debt sustainability.'
Lawmakers unanimously recommended the approval of the agreement, underlining the importance of international cooperation in Ghana's economic recovery process.
IMF programme and next steps
The IMF initially approved Ghana's three-year $3 billion loan package in May 2023, helping stabilise the country's currency, ease inflationary pressures, and improve investor confidence—contributing to a credit rating upgrade by Fitch Ratings.
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