The Ghanaian government says it would stop making debt service payments on a number of different types of external debt, including Eurobonds, business loans, and the majority of bilateral debt.

According to a statement from the Ministry of Finance, this is intended to bring the nation’s unsustainable debt level under control.

The Ministry highlighted that the suspension of debt payments is “an interim emergency measure pending future agreements with all relevant creditors.”

The suspension of the debt payment will not include contracts on or after December 19, 2022, the statement said.

“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.”

Meanwhile, the President Nana Addo Dankwa Akufo-Addo led-administration has promised its external creditors that the agreement will be fair and open.

“The Government stands ready to engage in discussions with all of its external creditors to make Ghana’s debt sustainable through a fair, transparent, and comprehensive debt restructuring exercise in line with international best practices.

“The Ministry of Finance will hold an investor presentation at a date to be announced at a later stage,” the statement indicated.