Ghana is now prepared to request plan clearance from the International Monetary Fund Board, according to the Finance Ministry.
This comes after the G20 Common Framework's extension of financing assurance to the Ghana Creditor Committee.
The creditor committee emphasized that, in accordance with the comparability of treatment principle, the Ghanaian authorities are expected to request debt treatments from all private creditors and other official bilateral creditors on terms that are at least as favorable as those being considered by the creditor committee.
The Paris Club has now formed the OCC (co-chaired by China and France)," the Finance Ministry tweeted. Now that Ghana has received financing assurances, it is prepared to meet with the IMF Board.
We are grateful to all of our bilateral partners for assisting us in achieving this important milestone.
Prior to this, the International Monetary Fund (IMF) expressed optimism that an agreement on the restructuring of Ghana's foreign debt would be reached shortly with the country's creditors, notably the Paris Club.
Julie Kozack, the IMF's director of communications, said in response to a question at a press conference that "financing assurances from official bi-lateral creditors are necessary for presenting the program to the Executive Board."
She said, "We have seen significant movement towards creditors fulfilling these funding commitments, and we're hoping that they may be fulfilled very soon.
The IMF and Ghana agreed to a staff-level agreement on December 12, 2022, for a $3 billion ECF program that would last for three years.
A domestic debt exchange program that involved important participants, including the Ghana Bankers Association, the Ghana Insurers Association, and the Chamber of Corporate Trustees, was previously successfully completed by the nation.
The IMF financing scheme is a component of a larger initiative to assist poor nations as they recover from the effects of the COVID-19 epidemic. It is evidence of the vital assistance that international bodies provide for nations in trying times and the requirement for international collaboration to address economic and social problems.
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