External Debt Restructuring: We still await formal response from Official Creditor Committee – Ofori-Atta

The Minister for Finance, Ken Ofori-Atta has revealed that Ghana is still waiting for a formal response from the Official Creditor Committee (OCC) on its proposed debt restructuring plan.

Ghana needs a memorandum of understanding with its external creditors to access a second $600 million tranche under the IMF’s 3-year extended credit facility programme.

But despite government’s initial target of getting board approval from the IMF for the disbursement end of November, Ken Ofori-Atta says the country still awaits the green light from the OCC’s.

“We have completed all we need to do with the funds. All our papers are ready and have been distributed to the various directors and now we need to wait for the formal response from the OCCs,” he told the media on the sidelines of the Ghana Capital Markets Conference.

“I think they are looking at issues with the cut-off dates and its implications to each of the credits that various countries are giving, issues of comparability of treatments so they all feel that they have been fairly impacted. I am confident that something will come out sooner than later so that the fund can sit,” he added.

Ghana hopes to save some $10.5 billion through the external debt service relief.