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Ghana Debt Restructuring Recommendations 

In response to rapidly dwindling foreign exchange, multi-year primary budget deficits over 8 percent, and debt service costs steadily growing, CEE used the IMF's financial planning framework to assess the root causes of the crisis.

With an understanding of the domestic debt and monetary drivers of debt instability, this policy note explores how the NPP-led finance ministry can use a window of opportunity delivered by resilient growth to manage a proactive debt restructuring.


After the project was published, the Ghanian finance ministry delayed their 2023 budget and began engaging with creditor committees. Rather than address the growth in M2 that has driven outflows, they have engaged in a domestic debt restructuring that is being assessed in an followup project.

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