Ghana Closes Domestic Debt Programme As International Creditors Discuss Next Steps

' platform, an initiative launched in 2020 by the Group of 20 major economies to help streamline debt restructuring for poorer countries affected by the Covid-19 pandemic.Paris Club

, a group of creditor countries tasked with coordinating sustainable solutions to payment difficulties by debtor countries. The Paris Club has contacted other creditors, including China - Ghana's single biggest bilateral creditor - to engage on forming an official creditor committee, which would work towards securing assurances from creditors that they are willing to rework their debt.Chad became the first country to ask for a debt overhaul under the common framework in January 2021, and a deal was reached only in November 2022, without providing debt relief.

Zambia applied to the Common Framework platform in February 2021, but a committee was only formed in May 2022, when the creditors agreed that France and China would co-chair the group.

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Ghana says domestic debt swap closed with over 80% participationThe Ghanaian finance ministry said its domestic debt exchange programme (DDEP) had closed on Tuesday with more than 80% participation of eligible bonds, taking it a step closer to securing a $3 billion International Monetary Fund bailout.
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