Ghana's official sector creditors have formed a committee co-chaired by China and France for debt restructurings talks, the Paris Club said on Friday, paving the way for a sign-off on a $3 billion International Monetary Fund loan for the country.
"Creditor committee members are committed to negotiate with the Republic of Ghana terms of a restructuring of their claims," the Paris Club, an alliance of rich creditor nations, said on its website.
Ghana secured a staff-level agreement with the IMF for the $3 billion support package in December. But for the money to be disbursed, the IMF board must approve it, which required financing assurances from official creditors.that the creditor committee would be formally launched and confirm its support.
Some $5.4 billion of debt to official creditors has been earmarked for restructuring, according to government data, as well as $14.6 billion of debt to private overseas creditors. Ghana's international bonds rose sharply on Friday's news with some up as much as 1.4 cents in the dollar, though they still trade at deeply distressed levels of between 36 cents and 40 cents, Tradeweb data showed. ,
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