Ghana has managed to significantly reduce its $13 billion foreign trade debt by 37%, as reported by Agence Ecofin reports,, citing a statement from the country’s government.
The authorities were able to decrease the nation’s external debt by more than a third, including obligations to private creditors, holders of Ghana’s external liabilities, and assets of international companies and African banks. The agreement was backed by 90% of the state’s creditors. This represents the most substantial reduction of external debt ever achieved by an African country.
On October 4th, the International Monetary Fund announced that Ghana is close to completing the debt restructuring process. Once the agreement is approved by the IMF Executive Board, the country will have access to $360 million in financing.
According to the Ghanaian government, the country’s economy grew at its fastest pace in five years during the second quarter of the year.
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