Bilateral creditors under pressure to accept debt restructuring plan, says Finance Ministry

Dr. Alhassan Iddrisu, Director of Economic Strategy and Research at the Ministry of Finance, has revealed that Ghana has fulfilled all requirements for its external debt restructuring plan, intensifying the call on bilateral creditors to finalize the agreement.

Speaking at the PwC 2024 Budget Digest, Dr. Iddrisu highlighted Ghana’s commitment to meeting obligations, signaling that the nation is now awaiting action from external creditors.

The disclosure underscores the significance of Ghana’s adherence to the ongoing economic program with the International Monetary Fund (IMF).

Dr. Iddrisu noted that the 2024 budget was crafted in alignment with the IMF program, emphasizing the stabilization of currency depreciation and a noteworthy slowdown in inflation as positive outcomes of the nation’s commitment to its obligations.

The 2024 Budget has been prepared on the back of the IMF program. We have been able to stabilize the currency depreciation and we can see a slowdown in inflation, which are all part of the obligations, and therefore there is a lot of pressure on the creditors to meet their part of the obligation so we get the MOU for the next stage, which is the disbursement,” he remarked.

Looking ahead, the Executive Board of the International Monetary Fund is scheduled to convene in December to deliberate on approving $600 million as the second tranche of funds for the country under its economic support program.

As Ghana navigates this critical juncture, attention is keenly focused on the collaborative efforts required from bilateral creditors to propel the nation into the next phase of its economic recovery.