The Finance Ministry commended Ghana's bilateral partners for assisting the country in securing financing assurance from the Paris Club.
The Ministry tweeted, "Today, the Paris Club established the OCC (co-chaired by China and France)." Ghana is now prepared to meet with the IMF Board after receiving Financing Assurances. Thank you to all of our bilateral partners for assisting us in reaching this major milestone.
China and the Paris Club have asked private creditors and other official bilateral creditors to pledge to Ghana's deal without further delay, after agreeing to provide the debt assurances necessary for Ghana to secure the $3 billion bailout from the International Monetary Fund (IMF).
The Paris Club issued a press release on Friday, May 12 that stated, "The creditor committee emphasizes that the Ghanaian authorities are expected to seek from all private creditors and other official bilateral creditors debt treatments on terms at least as favorable as those being considered by the creditor committee, in accordance with the principle of comparable treatment."
Therefore, it added, "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."
In addition, countries with eligible claims have formed a creditor committee for Ghana to expedite the implementation of the resolution. China and France will likely share leadership of the creditor committee.
"The creditor committee examined the macroeconomic and financial situation of Ghana, including its long-term debt sustainability, as well as its formal request for a debt treatment under the "Common Framework for Debt Treatments Beyond the DSSI" endorsed by the Saudi G20 Presidency in November 2020, which was also endorsed by the Paris Club."
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"The creditor committee supports Ghana's proposed IMF upper credit tranche (UCT) program and its swift ratification by the IMF Executive Board in order to meet Ghana's urgent financing requirements. The creditor committee urges Multilateral Development Banks (MDBs) to maximize their support for Ghana so that it can meet its long-term financial requirements, according to the statement.
Akufo-Addo hopes that the IMF Board will convene on Wednesday to approve Ghana's request.