Finance Minister, Ken Ofori-Atta, has revealed that an agreement in principle with Eurobond holders is expected to be reached by the end of the year.
“Discussions have been ongoing for some time with creditor groups and their representatives. We have received scenarios from both bondholder groups including scenarios received last week from the international bondholders’ group”, Mr. Ofori-Atta said.
“We are currently reviewing these scenarios and hope to converge towards a solution that respects the need for debt relief and is compliant with the Comparability of Treatment constraints”, he mentioned.
The Finance Minister also said extensive negotiations will follow to accommodate debt treatments that would be compatible with reaching the debt targets under the joint International Monetary Fund/World Bank Debt Sustainability Framework.
“The objective of the programme is to reach an agreement with the Steering Committee of the bondholders’ groups that respects Ghana’s need for debt relief in line with its Debt Sustainability Analysis and the principle of Comparability of Treatment”, he added.
The Finance Minister is also optimistic the government will reach an agreement in principle with the Official Creditor Committee (OCC) by early November 2023.
“An agreement in principle on the financial parameters of the bilateral debt treatment is expected to be reached. An MoU is then to be signed between official creditors and the Republic of Ghana, formalizing the agreement in principle on the debt treatment”.
He concluded that bilateral agreements will then be signed with each creditor reflecting the terms agreed upon by the OCC.
Latest Stories
-
35th CIMG Awards: Full list of winners
35 mins -
The Multimedia Group wins big at CIMG Awards 2023
1 hour -
Bernard Mornah wins PNC flagbearship race
2 hours -
Video: Confusion at PNC National Executives election
2 hours -
Rapper E.L. joins King Promise as Guinness Accravaganza headliner for September 21 showdown
3 hours -
PNC Congress: Bernard Mornah leads in Greater Accra Region
4 hours -
Reject violence, divisive rhetoric, embrace peace ahead of elections – Bawumia appeals to Ghanaians
4 hours -
SEFF’s debut single ‘Father’ sets stage for bold new talent
5 hours -
Super typhoon Yagi kills four in Vietnam
5 hours -
Hollard Insurance-UENR Mentoring Day: Students urged to let hard work, integrity shine to advance career
5 hours -
2024/25 GPL: Vision FC opens campaign with draw against Berekum Chelsea
5 hours -
If Baba Yara pitch was good, Mumin clears the ball – Laryea Kingston
6 hours -
GPL 2024/25: Samartex begin title defence with draw against Dreams FC
7 hours -
Financing road construction and maintenance through a special fuel levy: A sustainable solution for Ghana’s road infrastructure
7 hours -
Ghana Celebrity Impact Awards 2024 launched to honor positive social influence
7 hours