Ghana’s Finance Minister Expects MoU With Bilateral Lenders In May

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Ghana’s Finance Minister Mohammed Amin Adam on Sunday said it is expecting a draft Memorandum of Understanding (MoU) from the country’s bilateral creditors in May on a restructuring deal.

According to Adam, the
MoU, once signed, would cement a deal to restructure $5.4 billion of loans with its official creditors, including China and France, agreed in January.

Speaking on the sidelines of the IMF and World Bank Spring Meetings in Washington, Adam also said he was confident the International Monetary Fund’s executive board will approve in June the review of its staff-level agreement.

He added that the restructuring is a milestone in Ghana’s quest for debt relief as it charts its way out of the worst economic crisis in a generation and should unlock further tranches of its $3 billion programme with the IMF.