Advertisement
The
Ministry
has
announced
that
it
has
received
a
formal
confirmation
from
its
Official
Creditor
Committee
(OCC)
that
the
Agreement
in
Principle
reached
with
representatives
of
Eurobond
holders
is
consistent
with
the
Comparability
of
Treatment
principle.
As
part
of
the
OCC
Common
Framework
for
Debt
Restructuring,
there
must
be
comparable
treatment
of
Ghana’s
debt
due
to
all
its
other
external
creditors
in
the
scope
of
the
restructuring.
“The
Government
intends
to
continue
proactive
engagement
with
the
Steering
Committees
to
finalise
documentation
and
proceed
promptly
with
the
consent
solicitation.
“The
Government
thanks
its
official
partners
as
well
as
representatives
from
the
two
Bondholders’
Committees
for
their
constructive
engagement
over
the
past
weeks,”
a
statement
released
by
the
Ministry
on
Monday
July
8
said.
Under
the
OCC
Framework
for
debt
restructuring,
there
must
be
a
Comparable
Treatment
of
Ghana’s
Debts.
This
is
to
ensure
that,
whatever
terms
that
Government
of
Ghana
reaches
with
the
bilateral
creditors,
the
same
should
be
extended
to
other
creditors.
The
Ministry
of
Finance
was
therefore
required
to
send
the
terms
reach
under
the
agreement
with
the
bilateral
creditors,
to
the
official
creditors
for
their
acceptance.
The
Ministry
of
Finance
can
now
go
ahead
and
launch
the
“Debt
Exchange
Programme”
for
the
Eurobond
Holders
to
restructure
the
debt.
However,
the
bondholders
must
first
move
to
fully
accept
the
offer,
despite
the
Agreement
in
Principle
reached.
