Ghana not required to complete external credit exchange before accessing US$600 million, says Oppong Nkrumah
Ghana is aiming to restructure a total of US$5.4 billion owed bilateral creditors, including China and other Paris Club members, through the G20’s Common Frame process
Information Minister, Kojo Oppong Nkrumah has clarified that Ghana is not required to complete the external credit exchange before assessing the second tranche of US$600 million from the International Monetary Fund (IMF).
Speaking with Wilberforce Asare on the Asaase Breakfast Show on Monday (16 October) Oppong Nkrumah said, “I think it is important to correct that, yes, we have signed off the agreement for the next US$600 million based on the way we passed the first review…but we are not required to complete the external credit exchange before accessing the second tranche.”
The minister said the government is hopeful in reaching an understanding with the bilateral creditors soon.
He added, “We are required to demonstrate progress and that progress will be indicative at least in reaching an understanding with the bilateral creditors and we are hopeful that we will be able to do that before the IMF board meets.”
Eurobond creditors
Meanwhile, the Finance Minister, Ken Ofori-Atta, will from today (16 October), meet with Eurobond creditors to negotiate with them to agree to give Ghana debt relief.
A successful negotiation outcome to restructure an outstanding US$13 billion Eurobonds, together with favourable terms from bilateral creditors will prompt the International Monetary Fund (IMF) to approve the second tranche of US$600 million out of the US$3 billion support.
Ghana is aiming to restructure a total of US$5.4 billion owed bilateral creditors, including China and other Paris Club members, through the G20’s Common Frame process.
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