Ghana receives financing assurances from bilateral creditors for IMF bailout

On May 12, 2023, a committee of creditors for Ghana was established with co-chairs from China and France. Ghana is currently seeking debt relief or cancellation from its creditors as a condition for obtaining an IMF deal. The creditor committee, established under the Common Framework for Debt Treatments beyond the DSSI, examined Ghana’s macroeconomic and financial situation and its request for debt treatment. This framework was endorsed by the Saudi G20 Presidency in November 2020 and the Paris Club. The committee emphasized that Ghana should seek debt treatments from all private and official bilateral creditors on terms at least as favorable as those being considered by the committee, in accordance with the principle of comparability of treatment. Therefore, the creditor committee called on private creditors and other official bilateral creditors to immediately commit to negotiating such debt treatments with Ghana, which are essential for the full effectiveness of the debt treatment under the Common Framework.