The Minister for Finance, Ken Ofori-Atta, has disclosed that Ghana is currently in anticipation of a formal response from the Official Creditor Committee (OCC) regarding its proposed debt restructuring plan.
The country is seeking a memorandum of understanding with its external creditors to facilitate access to a second $600 million tranche as part of the IMF’s 3-year extended credit facility program.
While the government had initially aimed for board approval from the IMF by the end of November for the disbursement, Ken Ofori-Atta notes that Ghana is still awaiting the OCC’s approval, which is crucial for advancing the debt restructuring process.
“We have completed all we need to do with the funds. All our papers are ready and have been distributed to the various directors and now we need to wait for the formal response from the OCCs,” he told the media on the sidelines of the Ghana Capital Markets Conference.
“I think they are looking at issues with the cut-off dates and its implications to each of the credits that various countries are giving, issues of comparability of treatments so they all feel that they have been fairly impacted. I am confident that something will come out sooner than later so that the fund can sit,” he added.
Ghana hopes to save some $10.5 billion through the external debt service relief.