Ghana’s Official Creditor Committee (OCC) has endorsed the government’s interim agreement reached with the two bondholder groups, according to the Ministry of Finance on Monday.
The statement follows the announcement in late June of the agreement-in-principle reached between Ghana and two bondholder groups on debt treatment, paving the way for the International Monetary Fund (IMF) to disburse an additional 360 million U.S. dollars to the West African country.
“The Ministry is pleased to announce that it has received a formal confirmation from its OCC that the Agreement in Principle reached with representatives of Eurobond holders is consistent with the Comparability of Treatment principle,” the statement said.
The release added, “The government intends to continue proactive engagements with the steering committees of the bondholder groups to finalize documentation and proceed promptly with the consent solicitation.”
As part of its common framework for debt restructuring for the West African country, the OCC established that there must be comparable treatment of Ghana’s debt due to all its other external creditors within the scope of the restructuring. Ghana has been implementing economic reforms since May 2023, backed by a 3-billion-dollar loan from the IMF to restore economic vitality.