Ghana signs debt restructuring deal with bilateral creditors

Ghana signed a memorandum of understanding with bilateral creditors, including France and China, to restructure $5.4 billion worth of debt.

The deal was seen as a prerequisite for unlocking $360 million from the IMF under a $3 billion bailout program next month.

Ghana was the second African country to default on its debt following Zambia during the pandemic.

Ghana’s debt amounts to $30 billion as the country remains hostage to commodities’ exports, notably gold, cocoa, and oil.

Inflation in Ghana soared to 54.1% in December 2022 before slowing down to 25% in April 2025.