The Ministry of Finance has suspended payments on selected debts of the government of Ghana.
"This suspension will include the payments on: our Eurobonds; our commercial term loans; and on most of our bilateral debt. This suspension will not include the payments of our multilateral debt, new debts (whether multilateral or otherwise) contracted after 19th December 2022 or debts related to certain short-term trade facilities. We are also evaluating certain specific debts related to projects with the highest socio-economic impact for Ghana which may have to be excluded. This suspension is an interim emergency measure pending future agreements with all relevant creditors,” parts of the statement released by the Ministry of Finance stated.
According to the Ministry, Ghana is today faced with major economic and financial crisis, and its attendant social challenges.
It said in 2020 and 2021, the Covid-19 pandemic negatively impacted our fiscal and economic situation.
"Global risk aversion triggered large capital outflows, a loss of external market access and rising domestic borrowing costs."
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