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Find all the economic and financial information on our Orishas Direct application to download on Play StoreThe international rating agency, Fitch Ratings said in a press release that although discussions have begun between some of Ghana's official creditors, the official creditors committee, which is responsible for providing financing assurances, has not yet been established. Therefore, it does not expect the country to obtain funding assurances from its bilateral creditors before the end of the second quarter
.To obtain final approval of a $3 billion rescue package from the International Monetary Fund (IMF) to stabilize the economy for growth to resume, the country Ghana needs financing assurances that are a mixture of debt cancellation, restructuring, and commitments new strategic loans. In a statement announcing the downgrade of the country's local currency bond to “RD” from “CCC,” Fitch Ratings said insurance should not be expected until
June.The rating agency said that “Fitch does not expect to provide funding assurances, which will pave the way for the IMF Executive Board to approve the FEC agreement and publish a new debt sustainability analysis, before the end of 2 T23”.
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