Ghana's official creditors are poised to grant financing assurances and form a committee co-chaired by France and China - key steps for the nation to secure a $3 billion International Monetary Fund (IMF) loan, sources told Reuters.
IMF staff agreed to the $3 billion support package in December, but financing assurances from official creditors are needed before the fund's board will approve disbursements.
Like other smaller, riskier emerging market countries including Sri Lanka and Zambia, Ghana faces a debt overhaul after its already strained finances buckled under the economic fallout from COVID-19 and Russia's invasion of Ukraine. The country is negotiating its international debt rework under the Group of 20's Common Framework platform, with $5.4 billion debt to official creditors eligible for restructuring, according to government data. The nation is also in talks to rework $14.6 billion of debt to private overseas creditors.
Reporting by Jorgelina do Rosario, Christian Akorlie, and Rachel Savage in Johannesburg, Additional reporting by Libby George in London and Joe Cash in Beijing, editing by Karin Strohecker and Anna DriverRachel Savage is Africa Senior Markets Correspondent at Reuters, where she covers finance and economics across Sub-Saharan Africa, from sovereign debt crises and IMF programs to foreign exchange markets and cryptocurrencies.
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