G20 creditors agree to Ghana debt relief talks

All member countries of the G20 group of economic powers are in favor of restructuring Ghana’s debt and members of the Paris Club are ready to take the first step towards the formation of a creditors’ committee, an official told Reuters. head of the Paris Club.

Ghana last week requested debt restructuring it owes to other governments, becoming the fourth country after Chad, Ethiopia and Zambia to do so under the common G20 framework.

The program, which was launched in 2020, was supposed to streamline the process of coordination among creditor governments of low-income country debt restructuring after the pandemic.

However, progress has been glacial for early cases, a situation Western countries say is partly due to the lack of restructuring experience of China, a non-Paris Club creditor of the G20 which has become a major lender in recent years.

However, progress has been glacial for early cases, a situation Western countries say is partly due to the lack of restructuring experience of China, a non-Paris Club creditor of the G20 which has become a major lender in recent years.

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