US To Compel Ghana’s Bilateral Creditors To Accept Debt Restructuring

The United States of America says it will push Ghana’s creditors to grant Ghana debt relief for the country to receive an international Monetary Fund (IMF) bailout.

Ghana is up for a US$3 billion IMF bailout and has to satisfy a number of conditions including restructuring of both domestic and external debts.

Ghana has completed the domestic debt restructuring process.

It now has to present a proposal to the external creditors which initially was proving to be a difficult task due to China’s reported resistance to the formation of a Committee.

During a visit by the vice President of the USA, Kamala Harris to Ghana with a subsequent meeting with President Akufo-Addo on March 27, the US assured of its support for Ghana in getting the bailout.

During a joint press conference at the Jubilee House, Kamala said, “We will support Ghana’s engagement with the IMF and will continue to push for all bilateral creditors to provide meaningful debt reduction for countries that need it including Ghana.”

She continued, “We must work together as an international community to ease the debt burden that is facing far too many countries. It is critical to do so to build long-term economic growth and prosperity and to increase US investment.”

She recognises that Ghana’s economic downturn was due to the Covid pandemic and the Russia-Ukraine war.

Source: opemsuo.com/Hajara Fuseini