$2.8bn debt restructuring deal approved

Lawmakers in Ghana have approved a $2.8bn debt restructuring deal in an effort to ease the country's worst economic crisis in decades, reports Africa News. The West African nation signed a memorandum of understanding with 25 creditor nations, including China and France, in January after defaulting on most of its external debt at the end of 2022. The restructuring is aimed at reducing Ghana’s debt-to-GDP ratio to 55% by 2026. This move is expected to ease financial pressure and support economic growth. A major producer of both cocoa and gold, Ghana defaulted on most of its $30bn dollars in international debt under pressure from the Covid-19 pandemic, the war in Ukraine and rising interest rates.

Full Africa News report