On 20 December 2022, Ghana announced the “provisional” suspension of the payment of part of its external debt, including eurobonds. The announcement was made at a time when the country is seeking to restructure after an agreement reached with Fonds monétaire international the last week.

The Ghanaian Finance Minister, Ken Ofori-Atta, was quoted in a statement as saying “the suspension of all debt service payments for certain categories of external debt, pending restructuring.” Indeed, this measure taken has the vision of “preventing a further deterioration of the economic, financial and social situation of Ghana.”

In reality, Ghana is struggling with a serious economic crisis with historic inflation of more than 50%, the collapse of the local currency exchange rate by 50%, pump prices that have doubled, and debt whose repayment swallows up half of L&E's income rsquo; State. The Minister of Finance, intending to defend this decision, said: “Our financial resources, including the Bank of Ghana's international reserves, are limited and need to be preserved at this critical moment.”