Government suspends external debt payment

Source The Ghana Report

The government has announced a suspension of all payments of external debt, pending an orderly restructuring of the affected obligations.

This forms part of additional emergency measures that are necessary to prevent a further deterioration in the economic, financial, and social situation in Ghana.

According to a statement by the Ministry of Finance on Monday, December 19, 2022, the suspension will include the payments on Eurobonds, commercial term loans and bilateral debt.

The suspension will however exclude “the payments of our multilateral debt, new debts (whether multilateral or otherwise) contracted after 19th December 2022 or debts related to certain short-term trade facilities.”

“We are also evaluating certain specific debts related to projects with the highest socio-economic impact for Ghana which may have to be excluded. This suspension is an interim emergency measure pending future agreements with all relevant creditors.

“The Government stands ready to engage in discussions with all of its external creditors to make Ghana’s debt sustainable through a fair, transparent and comprehensive debt restructuring exercise in line with international best practices,” the statement stated.

The Ministry of Finance also indicated that it will hold an investor presentation at a date to be announced at a later stage.

Read the full statement below

Download (PDF, 454KB)

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