Ghana’s bid to achieve financial and debt sustainability has been met with challenges each step of the way. Here is a comprehensive timeline account of Ghana’s debt rework quest.

February 2022:

Credit ratings agency Moody's downgrades Ghana's credit rating from B3 to Caa1, citing very high credit risk. This followed Fitch's earlier downgrade from B to B-.

March 2022:

Ghana's central bank implements a significant interest rate hike of 250 basis points, raising rates to 17% to combat soaring inflation and currency depreciation.

April 2022:

The Ghanaian parliament approves the introduction of an "e-levy" tax on electronic payments, aimed at bolstering government revenues.

May 2022:

Finance Minister Ken Ofori-Atta declares Ghana's intention to manage its debt independently without IMF assistance.

July 2022:

Facing mounting economic challenges and public protests, the Ghanaian government reverses its stance and requests a loan from the IMF to alleviate financial pressures.

July 20, 2022:

Ghana's parliament green lights a $750 million loan from the African Export-Import Bank in a bid to avoid default and stabilise the economy.

August 2022:

Ghana's central bank implements another record interest rate hike in response to escalating inflationary pressures.

December 2022:

Ghana launches a domestic debt exchange program to address burgeoning debt obligations.

A staff-level agreement is reached between Ghana and the IMF for a $3 billion rescue package, contingent on debt restructuring.

December 20, 2022:

Ghana announces its inability to meet most external debt obligations, signalling a looming default crisis.

December 22, 2022:

In response to union threats of a general strike, local pension funds are exempted from the domestic debt exchange.

January 2023:

Ghana seeks debt restructuring under the G20's Common Framework, inclusive of non-traditional creditors like China and India.

February 2023:

The domestic debt exchange concludes with approximately 85% participation from eligible bondholders.

Talks commence between Ghana and official bilateral creditors to form a committee for debt restructuring.

March 2023:

Negotiations for debt restructuring between Ghana and international bondholders, facilitated by respective advisors, commence.

May 2023:

Ghana's official creditors established a committee, jointly chaired by China and France, committing to debt restructuring.

June 2023:

Ghana submits a debt restructuring proposal to official creditors, aiming to alleviate $10.5 billion in interest payments over three years.

October 2023:

Ghana and the IMF reached a staff-level agreement on the initial review of the $3 billion loan program, contingent on a debt restructuring plan with official creditors.

January 2024:

A preliminary agreement is reached on debt restructuring, encompassing $5.4 billion of debt owed to official creditors.

Subsequently, the IMF approves the next loan payout, signifying progress in Ghana's economic recovery efforts.

February 2024:

Mohammed Amin Adam assumes office as Ghana's finance minister, succeeding Ken Ofori-Atta, with a commitment to uphold the IMF program's objectives.

March 2024:

Direct negotiations between Ghana and the international bondholder group commence, marking a significant step towards resolving the country's debt challenges.