The Ministry of Finance is holding a press conference to provide an update on the Ghanaian economy.

This comes after Ghana and the International Monetary Fund on December 13 reached a staff-level agreement for an amount of US$3 billion under an Extended Credit Facility covering a three-year period.

Although the agreement is subject to IMF Management and Executive Board approval and receipt of the necessary financing assurances by Ghana’s partners and creditors, government has said it will suspend all debt service payments under certain categories of the country’s external debt component.

The move according to government is an interim emergency measure pending further agreement with the relevant creditors while some analysts have described it as Ghana effectively defaulting on its external debt.

A statement issued by the Ministry and sighted by GhanaWeb Business noted the decision is pending an orderly restructuring of the affected debt obligations.

It explained that the suspension will include payments on Ghana's Eurobonds; Ghana's commercial term loans; and a large portion of Ghana’s bilateral debt.

Meanwhile, Finance Minister, Ken Ofori-Atta will provide the updates at the press conference.

Watch the stream below: