Ghana has received a draft memorandum of understanding (MoU) on debt treatment from its Official Creditor Committee (OCC), paving the way for a loan of 360 million U.S. dollars from the International Monetary Fund (IMF), Finance Minister Mohammed Amin Adam said on Friday.
At a monthly press briefing, Adam said that the government, with support from its financial and legal advisors, will review the draft to finalize and sign the agreement with the OCC as soon as possible.
“We are determined to reach an agreement with our bondholders and our commercial creditors promptly on terms that are consistent with the IMF program parameters, and we will put all our efforts towards attaining that objective in the coming weeks,” he said.
Ghana, which has been undergoing economic hardship for years, commenced its economic reforms last May, backed by a loan of three billion dollars from the IMF to reverse the economic downturn.
The West African country has already received a total of 1.2 billion dollars in two tranches of 600 million dollars each and is now awaiting the IMF’s approval in June for the next disbursement of 360 million dollars.