Accra: Ghana's Finance Minister, Dr. Cassiel Ato Baah Forson, announced the signing of agreements with two of the country's bilateral creditors. This move is part of Ghana's efforts to advance towards the fifth review of its International Monetary Fund (IMF) loan-supported program, scheduled for September 2025. The announcement was made during the presentation of the 2025 Mid-year Budget Review to Parliament, highlighting the government's intention to reopen the domestic bond market to address the budget deficit.
According to Ghana News Agency, Dr. Forson emphasized the readiness to sign agreements with two countries, with an expectation to finalize four agreements by the end of July 2025. The Minister also mentioned the signing of Non-Disclosure Agreements (NDAs) with several commercial lenders. During the first half of 2025, Ghana paid a total of GHS9.8 billion in coupons to Domestic Debt Exchange Programme (DDEP) bondholders, with GHS3.6 billion capitalized. For non-tendered bondholders, the government paid a total of GHS1.1 billion, which was the outstanding debt service as of 2024.
Dr. Forson further detailed that for the second half of 2025, GHS10.2 billion is due as coupons on the DDEP bonds, along with GHS724.1 million for debt service to non-tendered bondholders. He assured that the government is committed to meeting its debt service obligations, with preparations in place for full settlement in 2025 and beyond.
The signing of these bilateral debt agreements will lead to the resumption of disbursements for projects on the government's priority list. The government aims to ensure completion and commissioning of all priority projects by the end of 2028. Additionally, the government plans to build cash buffers to support the repayment of domestic debt service obligations related to DDEP bonds, effective August 2025. This includes establishing a Cedi Sinking Fund Account for debt service humps totaling GHS115.75 billion between 2026 and 2028 and a US Dollar Sinking Fund Account for Eurobond redemptions amounting to US$3.73 billion during the same period.
On June 24, 2025, Parliament approved the indicative terms of the Memorandum of Understanding (MoU) between Ghana and the Official Creditor Committee (OCC), allowing the government to begin negotiations for bilateral agreements with each creditor country.
