The Ghanaian government has reached a significant milestone in its debt restructuring efforts, agreeing on debt comparability treatment with the creditor committee. This breakthrough paves the way for the country to restructure its external debt and restore fiscal sustainability.
The agreement, reached after extensive negotiations, ensures that all creditors will be treated equally, with no individual creditor receiving preferential treatment. This comparability treatment is a crucial step towards finalizing the debt restructuring process, which aims to reduce Ghana's debt burden and improve its creditworthiness.
The creditor committee, comprising major international creditors, has agreed to the terms, which will enable Ghana to restructure its debt and achieve significant savings. The agreement also paves the way for the International Monetary Fund (IMF) to disburse additional funds under the Extended Credit Facility (ECF) program.
Ghana's Minister of Finance, Dr. Mohammed Amin Adam, expressed optimism about the development, stating, "This agreement demonstrates our commitment to transparency and fairness in our debt restructuring efforts. We are confident that this milestone will help us achieve our fiscal objectives and restore macroeconomic stability."
The agreement is seen as a positive development for Ghana's economy, which has faced significant challenges in recent years. The debt restructuring efforts aim to reduce the country's debt-to-GDP ratio, which currently stands at over 80%.
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