The International Monetary Fund (IMF) has reportedly rescheduled the board meeting to review Ghana's second review under the Fund program and consider the disbursement of $600 million to January 11, 2024.

This decision follows significant progress made by Ghana with its external bilateral creditors, particularly with China, regarding the terms of restructuring the bilateral debt.

Negotiations with China, one of the Co-Chairs of the Official Creditor Committee (OCC), have advanced, leading to optimism that all outstanding issues will be addressed before the new board meeting date.

A draft Memorandum of Understanding (MoU) from the Official Creditor Committee would have been issued by now, but a concern from one of the members reportedly caused a delay.

Earlier challenges in reaching an agreement with China had led to the rescheduling of the IMF board meeting dates, with the latest being January 11, 2024.

The rescheduled date is expected to provide sufficient time for the resolution of any remaining issues and for the Official Creditor Committee to issue the necessary MoU on Ghana's debt restructuring.