Finance Minister, Ken Ofori-Atta, has revealed that an agreement in principle with Eurobond holders is expected to be reached by the end of the year.

“Discussions have been ongoing for some time with creditor groups and their representatives. We have received scenarios from both bondholder groups including scenarios received last week from the international bondholders’ group”, Mr. Ofori-Atta said.

“We are currently reviewing these scenarios and hope to converge towards a solution that respects the need for debt relief and is compliant with the Comparability of Treatment constraints”, he mentioned.

The Finance Minister also said extensive negotiations will follow to accommodate debt treatments that would be compatible with reaching the debt targets under the joint International Monetary Fund/World Bank Debt Sustainability Framework.

“The objective of the programme is to reach an agreement with the Steering Committee of the bondholders’ groups that respects Ghana’s need for debt relief in line with its Debt Sustainability Analysis and the principle of Comparability of Treatment”, he added.

The Finance Minister is also optimistic the government will reach an agreement in principle with the Official Creditor Committee (OCC) by early November 2023.

“An agreement in principle on the financial parameters of the bilateral debt treatment is expected to be reached. An MoU is then to be signed between official creditors and the Republic of Ghana, formalizing the agreement in principle on the debt treatment”.

He concluded that bilateral agreements will then be signed with each creditor reflecting the terms agreed upon by the OCC.