Ghana aims complete its debt restructuring before the next review of its $3 billion loan from the International Monetary Fund (IMF), Finance Minister Ken Ofori-Atta said on Sunday.
Ofori-Atta said the West African nation aimed to reach agreement with bilateral creditors in coming weeks, adding that it was in the process of getting a memorandum of understanding (MoU) with the creditors.
The gold, cocoa and oil-producing nation is in talks with its creditors to restructure its debt as it struggles under its worst economic crisis in a generation.
Ghana aims to cut around $10.5 billion in interest payments on its external debt over the next three years to successfully implement a $3 billion loan deal from the IMF.
Its debts to countries including China and members of the Paris Club of creditor nations were $5.4 billion of the $20 billion external debt due for restructuring, as of the end of a 2022, according to a government presentation to investors. The total external debt stock was about $30 billion.