Business
Ghana gets bailout from IMF, suspends foreign debt payments
Ghana on Monday suspended payments of its foreign debt, passing through debt restructuring after securing bailout deal with the International Monetary Fund (IMF).
Ghana’s finance ministry in a statement noted that the country is facing economic crisis with inflation rate of over 50 percent, while the cedi has dropped significantly.
According to the statement, “That is why we are announcing today a suspension of all debt service payments under certain categories of our external debt, pending an orderly restructuring of the affected obligations.
“This suspension will include the payments on: our Eurobonds; our commercial term loans; and on most of our bilateral debt.
“We are also evaluating certain specific debts related to projects with the highest socio-economic impact for Ghana which may have to be excluded.”
The finance ministry noted that the debts payment suspension does not affect payments of multilateral debt, new debt (whether multilateral or otherwise) contracted after December 19, 2022 or debts related to certain short-term trade facilities.
-
Latest4 days agoFull List: Meet the 2026 Nobel Prize winners across six categories
-
Football4 days agoPremier League Matchweek 7: Five Fixtures That Could Shape the Weekend
-
Latest3 days agoUmahi defends Lagos-Calabar highway route changes amid public outcry
-
Business3 days agoDangote Refinery IPO Extension: Was the 70% subscription report overhyped?
-
Business2 days ago
Dangote Refinery IPO: 70% Subscription claim meets fourfold demand assertion as investors seek clarity
-
Featured3 days agoEl-Rufai, ADC governorship candidate’s court appearance puts Kaduna opposition politics in focus
-
Latest1 day agoUCTH faces morgue crisis as 50 unclaimed corpses await mass burial
-
Latest4 days agoMakinde’s Chief of Staff, Segun Ogunwuyi, resigns