IMF hopes Ghana will reach debt deal in 6-8 weeks

An agreement to rework $5.4 billion of debt to China and members of the Paris Club of creditor nations would pave the way for a second disbursement from a $3 billion International Monetary Fund rescue loan.

"Bilateral official debt is significant, but not the lion's share of the debt challenge of Ghana," Selassie told Reuters in an interview on the sidelines of the IMF and World Bank Annual Meetings in Marrakech, Morocco. Asked about the timeframe for creditors to reach a deal enabling the IMF to appove the next loan tranche, Selassie said: "Hopefully in the next six to eight weeks."Ghana, which produces gold, cocoa and oil, is in talks with bilateral and commercial creditors to restructure its debts amid its worst economic crisis in a generation, having been locked out of international capital markets as it struggles with spiralling domestic debt costs.

Ghana aims to cut around $10.5 billion from external debt interest payments over the next three years to successfully implement the $3 billion loan deal from the IMF.

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