Ghana and its official creditors will very soon sign a draft memorandum of understanding on debt consolidation.

The memorandum of understanding currently being signed between Ghana and its official creditors is a key step needed to access greater funding from the International Monetary Fund (IMF). The establishment of a memorandum of understanding will pave the way for the IMF executive board meeting and the approval of a $360 million disbursement under the $3 billion Ghana rescue program, which is expected to take place later this month

In reality, due to soaring debt service costs, Ghana found itself in default on most of its external debts in December 2022. Like Zambia, Ghana is committed to debt treatment under the G20 Common Framework, a process designed to facilitate rapid debt repayments and to integrate the last major bilateral lender, China, into the