Ghana finance minister expects memorandum of understanding with bilateral lenders in May

Maxwell Akalaare Adombila
·1 min read
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FILE PHOTO: People trade in Accra

By Maxwell Akalaare Adombila

WASHINGTON (Reuters) - Ghana's Finance Minister expects a draft Memorandum of Understanding (MoU) from the country's bilateral creditors in May on a restructuring deal, he said on Sunday.

The MoU, once signed, would cement a deal to restructure $5.4 billion of loans with its official creditors, including China and France, agreed in January.

The restructuring is a milestone in Ghana's quest for debt relief as it charts its way out of the worst economic crisis in a generation and should unlock further tranches of its $3 billion programme with the IMF.

Speaking on the sidelines of the IMF and World Bank Spring Meetings in Washington, Mohammed Amin Adam also said he was confident the International Monetary Fund's executive board will approve in June the review of its staff-level agreement.

(Reporting by Maxwell Akalaare Adombila; Writing by Portia Crowe; Editing by Andrew Cawthorne and Barbara Lewis)