Ghana Edging Close To Deal To Restructure Foreign Debt – World Bank

The World Bank Country Director, Pierre Laporte, has revealed that Ghana’s bilateral creditors are close to issuing an assurance to aid International Monetary Fund (IMF) Board meeting on Ghana’s debt.

This deal is a key requirement for the release of 600 million dollars IMF bailout, part of the 3 billion dollar bailout.

This should come in the form of a Memorandum of Understanding from the Official Creditor Committee to the Fund that a deal has been reached.

The news is coming at a time when concerns have been raised about the feasibility of the new 11th January, 2024 board meeting date that has been announced.

“At this point, the information we have is that it is close to closure and with that, we would be able to go,” the World Bank Country Director said.

Mr. Laporte has made this assertion on the yet-to-be-aired Business Edition of PM Express.

Asked whether the assurance could come at the new time fixture for the board to meet and deliberate, he responded in the affirmative.

“If IMF goes, we are hoping to also go if possibly on the same day. If not, it will be soon after.

“What I can tell you is that the information we have is that the creditors are quite close to an agreement, closing up that has given the IMF the comfort for them to go schedule the date and it is given us comfort to also work to the closing of the IMF.”

“It is not the fault of Ghana, you have worked all the reforms, now, you are just waiting for the creditors to agree on certain technical issues and this is what we need to get closure,” he stressed.

Source: JoyNews