On Friday, May 12, the Paris Club announced that it has together with China agreed to provide the necessary debt assurances to support Ghana's request for balance of payment assistance from the International Monetary Fund (IMF).

0

A committee that was co-chaired by France and China as bilateral lenders was set up.

1

The creditor committee examined the macroeconomic and financial situation of Ghana, including its long-term debt sustainability, and its formal request for a debt treatment under the “Common Framework for Debt Treatments beyond the DSSI” endorsed under the Saudi G20 Presidency in November 2020, which was also endorsed by the Paris Club.

2

“The creditor committee supports Ghana’s envisaged IMF upper credit tranche (UCT) program and its swift adoption by the IMF Executive Board to address Ghana’s urgent financing needs. The creditor committee encourages Multilateral Development Banks (MDBs) to maximize their support for Ghana to meet its long-term financial needs,” the statement said.

3

They have called upon private creditors and other official bilateral creditors to promptly commit to Ghana's agreement without any further delays.

4

“Consequently, the creditor committee urges private creditors and other official bilateral creditors to commit without delay to negotiate with Ghana such debt treatments that are crucial to ensure the full effectiveness of the debt treatment for Ghana under the Common Framework,” excerpts of the statement added.

5

6

Consequently, the Finance Ministry has taken to Twitter to express gratitude to all who have supported Ghana’s cause.

7

“The Paris Club has today established the OCC (co-chaired by China & France). With the granting of Financing Assurances, Ghana is now ready to go to the IMF Board. Thank you to all our bilateral partners for helping us reach this significant milestone! #ResolvingTogether.”

8

9