Government has initiated formal negotiations with private creditors and Eurobond holders to restructure their debt. These negotiations commenced on October 16, 2023, in London and are anticipated to conclude over the weekend.

The collaborative efforts in these negotiations are spearheaded by Finance Minister Ken Ofori-Atta and the Governor of the Bank of Ghana, Dr. Ernest Addison. They are supported by the technical teams from the Ministry of Finance and the Bank of Ghana.

Finance Minister Ken Ofori-Atta, according to reports from MyJoyOnline.com shared this development during a yet-to-be-aired episode of PM Express Business Edition, which was recorded in Marrakech, Morocco, with host George Wiafe.

This strategic move aligns with the broader goal of "Closing the Page" by reaching a comprehensive agreement with all stakeholders to restructure Ghana's external debt.

The Finance Minister revealed that “we are optimistic that before the close of this year, we should have reached a deal with the private and commercial creditors as well as Eurobond holders”.

The Finance Minister has conveyed that the government has put forth specific proposals to both private and commercial creditors. These proposals are intended to persuade them to consider and accept the current offer on the negotiating table.

“We believe that government will be in a better position to meet all the obligations due to the investors and commercial creditors, based on the reforms that Ghana has undertaken".

“And this should convince them to accept our offer,“ he added.

Mr Ofori-Atta asserted that another factor that would sway these investors toward accepting the offer is the array of reforms that Ghana has implemented as part of the Fund Programme. Additionally, the country's performance during the initial program review is seen as a compelling reason for them to embrace the proposal.

“This should convince them that the outlook is good,“ he said.

He also believes that government’s commitment to grow the economy and embark on programmes that will help improve productivity may play a very important role.

“At the end of the day, what are the investors looking out, a country that is in a position to meet its financial obligations,” he added.

“How do we restructure the economy in a way that government will be in a better position to honour the commitments of these investors going forward,” the minister maintained.