Ghana’s parliament has greenlit a $2.8 billion debt relief deal with 25 creditor nations, including China, France, and the US, marking a major step in its economic recovery journey. The agreement supports Ghana’s $3 billion IMF bailout program, aimed at stabilizing its economy after a 2022 default on external debt. The restructuring will delay debt repayments for over 15 years, easing pressure on public finances until 2043. Interest rates on the restructured debt are set between 1% and 3%, saving Ghana millions in interest payments. Lawmakers unanimously backed the plan, signaling strong national consensus. Talks with commercial creditors are ongoing, leaving the door open to further debt restructuring and financial support.
CNBC Africa
