Ghana has been barred from securing more than $250 million in external financing for 2025, including commercial loans, as part of a borrowing ceiling agreed upon with its Official Creditor Committee (OCC).

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This restriction is a critical element of the country’s International Monetary Fund (IMF) program, serving as a structural benchmark to ensure compliance with fiscal discipline. The IMF will assess Ghana’s adherence to this financial constraint on an annual basis.

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The Memorandum of Understanding (MoU), endorsed by all creditor nations involved, establishes the framework for bilateral agreements that will enforce the set borrowing limit.

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As reported by myjoyonline.com, this cap forms an essential part of Ghana’s debt restructuring strategy, which began in 2022 following the suspension of external debt payments. It also aligns with ongoing negotiations to restructure $13.1 billion in Eurobond debt through a swap arrangement.

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In response to these financial limitations, the Finance Ministry is working closely with bilateral creditors to prioritize essential projects. Government agencies have been instructed to exclude externally funded capital projects from their 2025 budgets until the ministry finalizes a list of priority expenditures.

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This borrowing restriction poses a significant hurdle for the incoming National Democratic Congress (NDC) government, which campaigned on a platform of major infrastructure development while managing a restructured debt burden.

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During an interview with Bloomberg at the Munich Security Conference in February 2025, President John Mahama stated that his administration has no plans to extend Ghana’s IMF program beyond its scheduled conclusion in May 2026.

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Meanwhile, discussions with commercial creditors, including Eurobond investors, are ongoing as Ghana works toward finalizing debt restructuring agreements in accordance with the principle of fair treatment among creditors.

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