The Ghanaian government says it has suspended all debt service payments under “certain categories of its external debt”.
The country’s ministry of finance announced this in a statement on Monday.
According to the statement, the West African nation will be suspending payments on eurobonds, commercial loans, amongst others.
The ministry said the measure was necessary to prevent a further deterioration in the economic, financial, and social situation in Ghana.
“This suspension will include the payments on: our eurobonds; our commercial term loans; and on most of our bilateral debt,” the statement reads.
“This suspension will not include the payments of our multilateral debt, new debts (whether multilateral or otherwise) contracted after 19th December 2022 or debts related to certain short term trade facilities.
“We are also evaluating certain specific debts related to projects with the highest socio-economic impact for Ghana which may have to be excluded. This suspension is an interim emergency measure pending future agreements with all relevant creditors.”
Details later…