UK-based Economist Intelligence Unit in its recent report indicated that Ghana had advanced with its negotiation for external debt restructuring.
Associate Professor of Finance at Andrews University, Williams Peprah, states that Ghana seems to be returning to financial sustainability. According to him, Ghana’s expected agreement from its external creditors in the coming weeks has shown the country is actually on track.
Professor Peprah while speaking to the media, said Ghana should convince China to restructure all of the about $5 billion plus of its loans.
“It will be glad to see China also accepting a deal like this because they are also seen as our external creditors and it will really help us. This is because we owe about $5 billion plus to China which is very significant. It gives some confidence to the fact that probably the IMF strategy or guidelines are being complied with and Ghana seems to be coming back on track to return to financial sustainability”.
Professor Peprah also said the IMF’s successful first review of the Economic Credit Facility (ECF) in September 2023 will pave the way for the country to meet all the needed requirements going forward.
“The first review will help ensure we’ve tied the knot on all the needed issues. Because if the first review ends well we may have to make sure that by November 2023 we have met all the needed requirements, especially with the creditors, both domestic and external and other economic conditions”.
“Probably those ones which are easy for us to achieve we are almost there, the difficult one is getting the external creditors to agree. From the news we are hearing this is going to be achieved”, he added.”
