{"id":63933,"date":"2024-01-06T06:43:50","date_gmt":"2024-01-06T06:43:50","guid":{"rendered":"https:\/\/www.africa-press.net\/ghana\/uncategorized\/imf-bailout-debt-restructuring-talks-with-ghanas-official-creditors-slated-for-january-8"},"modified":"2024-01-06T06:46:56","modified_gmt":"2024-01-06T06:46:56","slug":"imf-bailout-debt-restructuring-talks-with-ghanas-official-creditors-slated-for-january-8","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/ghana\/all-news\/imf-bailout-debt-restructuring-talks-with-ghanas-official-creditors-slated-for-january-8","title":{"rendered":"IMF Bailout: Debt restructuring talks with Ghana\u2019s official creditors slated for January 8"},"content":{"rendered":"

Africa-Press – Ghana. <\/strong><\/span>An all-important meeting to discuss restructuring some $ 5.4 billion debt with Ghana\u2019s Official Creditors Committee (OCC) is set to take place on Monday, January 8, 2024, Reuters has revealed.<\/b><\/p>\n

The meeting will focus on reaching an agreement on a \u201ccut-off-date\u201d, the date after which new loans from bilateral creditors will not be restructured, sources familiar with the matter said. Agreeing on a specific date appears to be an obstacle in the debt restructuring process for Ghana.<\/p>\n

About 25% of Ghana\u2019s $20 billion external debt that is designated for restructuring is held by the bilateral lenders, which include the governments of China and France, who jointly head the Official Creditor Committee (OCC).<\/p>\n

This is a crucial exercise towards securing board approval for the second tranche of the $ 3 billion \u201crescue loan.\u201d<\/p>\n

Citing Ghana\u2019s default earlier that month, some creditors pushed for December 31, 2022, as the cut-off-date. Others are in favour of March 24, 2020, the date the Group of 20 announced the debt service suspension initiative (DSSI) to provide relief to the world\u2019s poorest nations during the COVID-19 pandemic.<\/p>\n

However, Ghana did not take part in the DSSI.<\/p>\n

Two sources indicated that the Paris Club, which comprises the main creditor countries (except China), will meet on Friday in advance of the OCC meeting on January 8.<\/p>\n

According to one of the sources with direct information, the Paris Club this week exchanged a technical note on Ghana with other bilateral and multilateral lenders. The note added that the group of wealthy countries suggested December 2022 as the cut-off-date.<\/p>\n

Unilateral, insensitive debt restructuring led to expropriation of GHS80bn by Ghanaians \u2013 Mahama<\/p>\n

Harmony Attise writes: A closer look \u2013 Examining the conditionalities and implications of Ghana\u2019s $3 Billion IMF Bailout<\/p>\n

The source stated that creditors had not yet reached an agreement over the cut-off date for Ghana. A debt restructuring arrangement is almost certain if the cut-off-date is decided upon.<\/p>\n

The West African nation, notable for its supply of cocoa, gold, oil, and diamond, among other natural resources, must reach a debt restructuring arrangement to receive the International Monetary Fund (IMF) board approval for the payment of the second tranche ($600 million) of the USD$ 3 billion balance of payment support.<\/p>\n

The IMF requires financing assurances to ensure that bilateral creditors are providing debt relief in line with the programme.<\/p>\n

Meanwhile, Ghana is negotiating to restructure its more than $13 billion in foreign debt with foreign bondholders after requesting bilateral debt restructuring under the Common Framework a year ago.<\/p>\n

Prominent global asset managers, including Neuberger Berman, AllianceBernstein, PIMCO, Vontobel, and BlackRock, are among the notable bondholders.<\/p>\n

For More News And Analysis About Ghana<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Ghana. An all-important meeting to discuss restructuring some $ 5.4 billion debt with Ghana\u2019s Official Creditors Committee (OCC) is set to take place on Monday, January 8, 2024, Reuters has revealed. The meeting will focus on reaching an agreement on a \u201ccut-off-date\u201d, the date after which new loans from bilateral creditors will not […]<\/p>\n","protected":false},"author":84,"featured_media":63932,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,7],"tags":[5092,5096,429],"class_list":["post-63933","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-head-lines","tag-africa-press","tag-africa-press-ghana","tag-ghana"],"yoast_head":"\nIMF Bailout: Debt restructuring talks with Ghana\u2019s official creditors slated for January 8 - Ghana<\/title>\n<meta name=\"description\" content=\"An all-important meeting to discuss restructuring some $ 5.4 billion debt with Ghana\u2019s Official Creditors Committee ( ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/ghana\/all-news\/imf-bailout-debt-restructuring-talks-with-ghanas-official-creditors-slated-for-january-8\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IMF Bailout: Debt restructuring talks with Ghana\u2019s official creditors slated for January 8\" \/>\n<meta property=\"og:description\" content=\"An all-important meeting to discuss restructuring some $ 5.4 billion debt with Ghana\u2019s Official Creditors Committee ( ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/ghana\/all-news\/imf-bailout-debt-restructuring-talks-with-ghanas-official-creditors-slated-for-january-8\" \/>\n<meta property=\"og:site_name\" content=\"Ghana\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-01-06T06:43:50+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-01-06T06:46:56+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2024\/01\/sm_1704510798.442183.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1025\" \/>\n\t<meta property=\"og:image:height\" content=\"638\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/imf-bailout-debt-restructuring-talks-with-ghanas-official-creditors-slated-for-january-8#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/imf-bailout-debt-restructuring-talks-with-ghanas-official-creditors-slated-for-january-8\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"IMF Bailout: Debt restructuring talks with Ghana\u2019s official creditors slated for January 8\",\"datePublished\":\"2024-01-06T06:43:50+00:00\",\"dateModified\":\"2024-01-06T06:46:56+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/imf-bailout-debt-restructuring-talks-with-ghanas-official-creditors-slated-for-january-8\"},\"wordCount\":446,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/imf-bailout-debt-restructuring-talks-with-ghanas-official-creditors-slated-for-january-8#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2024\/01\/sm_1704510798.442183.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Ghana\",\"ghana\"],\"articleSection\":[\"all news\",\"Economy\",\"head lines\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/ghana\/all-news\/imf-bailout-debt-restructuring-talks-with-ghanas-official-creditors-slated-for-january-8#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/imf-bailout-debt-restructuring-talks-with-ghanas-official-creditors-slated-for-january-8\",\"url\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/imf-bailout-debt-restructuring-talks-with-ghanas-official-creditors-slated-for-january-8\",\"name\":\"IMF Bailout: Debt restructuring talks with Ghana\u2019s official creditors slated for January 8 - 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