The International Monetary Fund (IMF) Managing Director, Ms. Kristalina Georgieva, is applauding Ghana for its impressive strides in the debt restructuring process.
Following a meeting with Ghanaian authorities during the 2024 Annual Meetings of the IMF and World Bank Group (WBG), she expressed her commitment to supporting Ghana’s recovery, emphasizing the recent achievement of a Staff-Level Agreement with the Fund’s Mission team on the ongoing US$3 billion loan-supported program.
Ghana has successfully completed its Eurobond debt restructuring, achieving a remarkable 98 percent exchange on its US$13 billion debt, far surpassing the 65 percent international benchmark set by bondholders.
As the country finalizes debt reforms with bilateral commercial creditors, the IMF has urged the government to secure the most favorable terms for its citizens.
The IMF African Director highlighted the importance of remaining steadfast to ensure the best deal is reached, as this progress aligns with Ghana’s goal of attaining debt sustainability.
In addition to the debt restructuring accomplishments, Ghana’s Finance Minister, Dr. Mohammed Amin Adam, has reiterated the government’s dedication to fiscal consolidation, focusing on optimizing domestic revenue and implementing strict expenditure controls to prevent fiscal slippages.
The recent signing of a US$260 million deal with the World Bank aims to reform the energy sector, addressing inefficiencies and attracting more investments.
