Ghana is in the process of requesting debt relief through the G20 Common Framework programme, despite only poor nations being eligible for it. The G-20 group of leading economies had agreed to a debt framework to help countries pursue debt restructuring or forgiveness, building off of its Debt Service Suspension Initiative and recognizing that some nations may need additional relief.
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The G-20 group of leading economies had agreed to a debt framework to help countries pursue debt restructuring or forgiveness, building off of its Debt Service Suspension Initiative and recognizing that some nations may need additional relief.Ghana’s public debt stock hit ¢467.4 billion in September 2022, of which about $4 billion was bilateral. $1.9 billion was held by Paris Club countries and $1.7 billion by China.
According to the report, Ghana had reached out to the Paris Club of creditor countries in December 2022 to ask for assurances that the Common Framework process, set up by the Group of 20 leading economies in 2020 in response to COVID-19, could be expedited. Another source with knowledge of Ghana’s debt restructuring said it was hard to see any other outcome for Ghana than signing up to the Common Framework as they have left themselves no other options.
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