Gov’t secures $2.8bn relief from bilateral creditors

Ghana has secured $2.8 billion in debt relief from bilateral creditors, a significant step toward fiscal sustainability and economic recovery.

Announced by Finance Minister Dr. Mohammed Amin Adam on July 1, 2024, this agreement under the G20 Common Framework for Debt Treatments provides relief between 2023 and 2026.

The deal includes a revised payment schedule and reduced interest rates, allowing Ghana to invest in infrastructure, social programs, and economic diversification.

Dr. Adam emphasized the positive impact on Ghana’s macroeconomic stability and long-term debt sustainability, highlighting the country’s proactive approach to debt management and commitment to sustainable development.