Official Creditor Committee

While Ghana has completed three major debt restructuring operations comprising of domestic debt restructuring, external bilateral debt restructuring, and commercial bondholders debt restructuring, Ghana’s economy is unable to take any more uncertainty with regards to whether the terms of the MoU agreement and the $13 billion agreement in principle are official and agreed to.

As Ghana navigates the complexities arising from its debt crisis, it is equally faced by a galloping inflation, a depreciating currency, a general decline in the quality of life coupled with the high cost of living. It has become clearer that the completion of the review and unlocking of the $600 million disbursement hinges on Ghana’s official creditors swiftly reaching an agreement on specific terms of debt treatment. The AfSDJN continues to urge the IMF to actively and urgently commence deliberations on a new comprehensive, fair and effective sovereign debt restructuring mechanism based in the United Nations that would be binding on all creditors, including commercial creditors, and that would make it difficult for hold-out creditors to prevent sovereign debt workouts.

The African Sovereign Debt Justice Network, (AfSDJN), is a coalition of citizens, scholars, civil society actors and church groups committed to exposing the adverse impact of unsustainable levels of African sovereign debt on the lives of ordinary citizens. Convened by Afronomicslaw.org with the support of Open Society for Southern Africa, (OSISA), the AfSDJN's activities are tailored around addressing the threats that sovereign debt poses for economic development, social cohesion and human rights in Africa. It advocates for debt cancellation, rescheduling and restructuring as well as increasing the accountability and responsibility of lenders and African governments about how sovereign debt is procured, spent and repaid.