Government receives draft memorandum of understanding from official Creditor Committee

The government has officially received the draft Memorandum of Understanding from the Official Creditor Committee (OCC), Finance Minister Mohammed Amin Adam, has said.'The government, therefore, with support from our financial and legal advisors, will quickly review this draft agreement with a view to finalizing and signing the agreement with the OCC as soon as possible,' he said.In a monthly briefing addressed by the Minister of Finance, Dr. Mohammed Amin Adam, he said the government had achieved significant and good progress with Eurobond Holders in a constructive manner.He noted that the government was operating under a complex set of constraints as part of the International Monetary Fund's (IMF) Debt Sustainability Thresholds.This, he said, formed the context and basis of discussions for a mutual understanding of the financial parameters with Eurobond holders.The minister said the government had held several rounds of negotiations on proposals and counterproposals for the Eurobond Treatment and had achieved significant progress.'This led to a series of restrictive discussions for about 3 weeks, just before the IMF Spring meetings, and it ended successfully on April 15, 2024, with very narrow differences.Considerable progress is being made towards a constructive solution that would be acceptable to all parties. It is for this reason that we are rather confident and more optimistic that we can continue to work together on solutions that would deliver an acceptable compromise for all stakeholders,' he said.Dr. Amin said the government was determined to reach an agreement with bondholders and commercial creditors promptly on terms that were consistent with the IMF program parameters.Source: Ghana News Agency