{"id":10044,"date":"2024-05-26T13:33:54","date_gmt":"2024-05-26T13:33:54","guid":{"rendered":"https:\/\/sotnews.agency\/?p=10044"},"modified":"2024-05-26T19:49:21","modified_gmt":"2024-05-26T19:49:21","slug":"ghanas-debt-restructuring-takes-another-step-forward","status":"publish","type":"post","link":"https:\/\/sotnews.agency\/?p=10044","title":{"rendered":"Ghana\u2019s debt restructuring takes another step forward"},"content":{"rendered":"
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\n \t<\/i> Read Time:<\/span>1 Minute, 45 Second <\/div>\n\n <\/div>

Ghana\u2019s long-running debt restructuring inched another step closer to the finish line on Friday after the country\u2019s bilateral creditors \u2013 the likes of France and China \u2013 sent over a draft \u2018memorandum of understanding\u2019 for their $5.4 billion part of the deal.<\/p>\n

Below is a condensed timeline of key events:<\/p>\n

February 2022 \u2013 Credit ratings agency Moody\u2019s downgrades Ghana\u2019s credit rating from B3 to Caa1, saying the country had a \u201cvery high credit risk\u201d, after Fitch cut its Ghana credit rating to B- from B in January.<\/p>\n

March 2022 \u2013 Ghana\u2019s central bank hikes interest rates by a record 250 basis points to 17% in a bid to stem rocketing inflation and a weakening currency.<\/p>\n

April 2022 \u2013 The cocoa producer\u2019s parliament approves an \u201ce-levy\u201d tax on electronic payments.<\/p>\n

May 2022 \u2013 Ghana\u2019s then-finance minister Ken Ofori-Atta says it will manage its debt without International Monetary Fund (IMF) help.<\/p>\n

July 1, 2022 \u2013 Ghana\u2019s government changes its mind and asks the IMF for a loan, amid street protests against growing economic hardship.<\/p>\n

July 20, 2022 \u2013 Ghana\u2019s parliament approves a $750 million loan from the African Export Import Bank as it scrambles to avoid default.<\/p>\n

August 2022 \u2013 Ghana\u2019s central bank delivers another record interest rate hike, as inflation continues climbing.<\/p>\n

Dec. 5, 2022 \u2013 Ghana launches a domestic debt exchange in a bid to deal with spiralling debt payments.<\/p>\n

Dec. 12, 2022 \u2013 Ghana and the IMF reach a \u201cstaff-level agreement\u201d on a $3 billion rescue package, with debt restructuring one of the conditions.<\/p>\n

Dec. 20, 2022 \u2013 Ghana says it will default on most external debt.<\/p>\n

Dec. 22, 2022 \u2013 Local pension funds are exempted from the domestic debt exchange after unions threaten a general strike.<\/p>\n

January 2023 \u2013 Ghana requests a debt restructuring under the G20\u2019s Common Framework process, set up in response to the COVID-19 pandemic to include China, India and other creditor countries not in the traditional Paris Club of wealthy lending nations.<\/p>\n

The post Ghana\u2019s debt restructuring takes another step forward<\/a> appeared first on Citinewsroom – Comprehensive News in Ghana<\/a>.<\/p>

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Ghana\u2019s long-running debt restructuring inched another step closer to the finish line on Friday after the country\u2019s bilateral creditors \u2013 the likes of France and China \u2013 sent over a… <\/p>\n","protected":false},"author":1,"featured_media":9777,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"yes","rop_publish_now_accounts":{"facebook_2277560469115098_106292521332774":"","twitter_aToxNzczMzI3Njk4OTg4ODUxMjAxOw==_1773327698988851200":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[12],"tags":[],"class_list":["post-10044","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts\/10044","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10044"}],"version-history":[{"count":1,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts\/10044\/revisions"}],"predecessor-version":[{"id":10057,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts\/10044\/revisions\/10057"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/media\/9777"}],"wp:attachment":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10044"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10044"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10044"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}