Minister of Finance, Ken Ofori-Atta has said government has prepared a proposal for external creditors as part of the debt restructuring programme.

According to him, the proposal will in the coming week be tabled before external creditors to participate in the debt swap as part of conditionalities set for Ghana to secure an IMF bailout package and restore macroeconomic stability.

Ghana has already secured the first tranche of $600 million in May this year with hopes of securing the second tranche in November this year after reaching a Staff-Level Agreement with the IMF for the first review on October 6, 2023.

Speaking with journalists in Accra on October 6, 2023, the finance minister was optimistic that ongoing engagements with external creditors could come to a conclusion by the end of this year.

“It is expected this coming week, we might actually get a proposal for them and our target is to be able to conclude this before year-end and we are pursuing for that target. I think the achievement of the IMF Staff Level Agreement also puts pressure on coming towards a faster resolution with external creditors,” Ken Ofori-Atta told journalists.

“…So, this achievement is important towards our negotiation stance going forward. The Paris Club Common Framework MoU consisting of France and China who continue to be very supportive and we will engage them in the coming weeks,” he added.

Ken Ofori-Atta however clarified that the MoU is vital for Executive Board approval from the IMF towards the disbursement of the second tranche Extended Credit Facility of $600 million.

MA