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Ghana secures $2.8bn debt relief as official creditors sign MoU

Published
3 months agoon

Ghana has formally secured $2.8 billion in debt relief after all 25 members of its official creditor committee fully signed the Memorandum of Understanding (MOU) which was initially reached in principle under the G20 Common Framework for Debt Treatment.
This is expected to provide crucial fiscal breathing space as Ghana advances structural reforms under its $3 billion International Monetary Fund (IMF) programme.
He said, “The Government of the Republic of Ghana is pleased to announce that the Memorandum of Understanding (MoU) reached with its Official Creditor Committee (OCC) has been signed by all Participating Creditor Countries”, Finance Minister, Dr. Cassiel Ato Forson, told the media in Accra on Wednesday, January 29, 2025.”
“The signing of the MoU formalises the debt treatment agreed upon with Official Creditors and marks a crucial step towards Ghana restoring long-term debt sustainability. The agreement provides significant debt service relief during the Fund-supported programme period, allowing financial resources to be directed towards supporting and strengthening the economic recovery”, he added.
He disclosed that discussions surrounding the remaining 7% of the deal are ongoing. The outstanding 7% involves negotiations with about 60 international financial institutions.
However, a $2.7 billion debt arrangement with commercial creditors remains unresolved – leaving the government focused on securing a final agreement in the coming months.
“Ghana continues to engage in good faith with all commercial external creditors, striving to finalise restructuring agreements that respect Ghana’s need for debt relief and the comparability of treatment principle, the Minister added.
With the signing of the MOU by all members of Ghana’s official creditor committee, the country is nearing the completion of its external debt restructuring process.
Securing this final component is critical to restoring fiscal stability and achieving the goals outlined in Ghana’s $3 billion International Monetary Fund (IMF) programme.
The debt relief under the G20 Common Framework provides Ghana with much-needed fiscal space to implement reforms, stabilize the economy and rebuild investor confidence.
This progress is also a significant step toward addressing the country’s debt sustainability challenges and positioning it for long-term economic recovery.
Government officials remain optimistic that ongoing engagements with commercial creditors will yield favourable outcomes, allowing Ghana to finalise its comprehensive external debt restructuring plan.
Source: Citinewsroom.com
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News
National Peace Council pays courtesy call on Minister for Foreign Affairs

Published
16 hours agoon
May 8, 2025
The Minister for Foreign Affairs, Samuel Okudzeto Ablakwa (MP) and the National Peace Council discussed the need to deepen relations when a delegation from the Council paid a courtesy call on the Minister on Tuesday, May 6, 2025.
The Executive Secretary of the National Peace Council of Ghana, Dr. George Amoh, who led the delegation, congratulated the Minister on his appointment, briefed him on the Council’s undertakings and underscored the need to work together towards sustaining peace in Ghana.
He also used the opportunity to inform the Minister that the Council has been representing Ghana in the Steering Group of Global Action Against Mass Atrocity Crimes (GAAMAC) since 2020. He mentioned that Ghana’s membership of the Steering Group of the GAAMAC reinforces its dedication to combating mass atrocities and strengthening national prevention processes and policies as evident in its well-preserved peace.
The Honourable Minister assured the Council of the Ministry’s readiness to work closely together in preserving peace.
News
Italian delegation pays courtesy call on health minister to advance retooling project for 37 hospitals

Published
20 hours agoon
May 8, 2025
The Minister for Health, Kwabena Mintah Akandoh, has received a delegation from the Government of Italy to deliberate on the ongoing collaboration between Ghana and Italy aimed at retooling 37 selected public health facilities across the country.
The meeting focused on advancing discussions surrounding a concessional loan agreement from the Italian Government to fund the retooling project, which was initiated in 2021.
The project seeks to transform clinical service delivery by equipping the targeted hospitals with modern medical equipment, replacing obsolete tools, and ultimately reducing the all-cause institutional mortality rate.
Speaking during the meeting, Akandoh highlighted key government priorities in the health sector.
These include the construction of six additional regional hospitals in the newly created regions, the upgrading of existing regional hospitals, and the establishment of a 500-bed Children’s and Fertility Centre of Excellence, among other initiatives.
Mr. Akandoh expressed appreciation for Italy’s commitment to Ghana’s health sector, describing the initiative as both timely and critical to enhancing health service delivery across the country. He assured that personnel would be trained to operate and maintain the equipment once procured.
The Italian delegation led by Stefano Gatti, Director General for development cooperation revealed that the Project’s Concept Notes, Pre-feasibility, and Feasibility Studies have all been completed and approved by the Ministry of Finance.
He reaffirmed his government’s readiness to support the initiative through a concessional loan and expressed optimism that the partnership would bring lasting benefits to Ghana’s healthcare infrastructure.
The Ministry remains confident that with continued bilateral cooperation, the project will advance to its implementation phase, ensuring that beneficiary health facilities receive the full complement of equipment required to meet the clinical needs of their patients.
News
Ghana Tourism Authority pays courtesy call on Ga Mantse, strengthens ties to boost Tourism

Published
20 hours agoon
May 8, 2025
The Ghana Tourism Authority (GTA), led by its CEO, Mrs. Maame Efua Houadjeto, paid a significant courtesy call on the Ga Mantse, Nii Tackie Teiko Tsuru II, at the Ga Mantse Palace today, May 7, 2025.
The visit marked the Authority’s first official engagement with the traditional leadership since Houadjeto’s appointment and underscored GTA’s commitment to deepening partnerships that drive tourism development in the Greater Accra Region.
Accompanied by her team of directors, the CEO expressed the Authority’s intent to foster closer collaboration with traditional authorities—describing them as “landlords” whose role is vital in safeguarding and promoting local tourist attractions.


“Greater Accra is home to several key tourist sites—forts, castles, the Jamestown Lighthouse area, and even the monkey sanctuary. These are not just national treasures but also important cultural landmarks that require local collaboration for effective promotion,” Houadjeto noted.
The engagement also highlighted the President’s flagship initiative, the ‘Black Star Experience’, which is designed to position Ghana—particularly Greater Accra—as a vibrant, must-visit destination for heritage, history, and cultural immersion.
As part of the Experience, key cultural sites and festivals are being enhanced to provide visitors with authentic and memorable interactions with Ghana’s rich traditions.
During the meeting, discussions focused on how to strengthen cooperation ahead of the upcoming Homowo Festival.
The Ga Mantse emphasized the importance of tourism in amplifying the significance of traditional festivals, and the CEO pledged GTA’s full support in elevating Homowo into a key cultural tourism highlight on the national calendar.
“Our goal is to work hand-in-hand with the Ga State to ensure this year’s Homowo is not only grand but also strategically positioned to attract both local and international tourists,” she said.
Challenges were also raised around tourism infrastructure and community engagement—particularly in the Jamestown area.
Mrs. Houadjeto acknowledged that although GTA had established a tourist centre near the lighthouse to organize guided tours, local oversight had waned following the passing of the centre’s original manager. In the absence of structured management, community youth had taken over operations informally.
“We’ve visited the site and identified the need for reorientation and training. We want to help the youth understand the importance of proper tourism management and equip them with the knowledge to enhance the visitor experience,” she explained.
She said, plans are also underway to support local efforts in cleaning and beautifying the area to meet tourist expectations.
Additionally, the visit touched on Ghana’s upcoming role in hosting the AU-backed FESTAC Africa Renaissance Festival , the 6th World’s Black and Africans Festival of Arts and Culture which celebrates the heritage, food, fashion, and customs of African countries.
Ghana is set to host this prestigious cultural exchange, and GTA is preparing to launch a comprehensive public announcement on the festival’s events and impact.
“FESTAC offers Ghana a unique opportunity to showcase our rich cultural heritage on a continental stage and attract greater international recognition,” Houadjeto added.
The visit concluded with assurances of continued collaboration between the Ghana Tourism Authority and traditional leaders in advancing tourism as a tool for cultural pride and economic development through the Black Star Experience.

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