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Ghana

Mahama’s plans clash with IMF strictures

After winding up the tortuous debt deal in June, the government will be hemmed in by creditors and multilateral banks

The end of Accra’s debt default tunnel is nigh. After signing a memorandum of understanding with the official creditor committee, Ghana is forecast to end the restructuring of its foreign debts by the middle of this year. The MOU, now agreed with 25 creditor countries, offers Ghana $2.8bn in debt relief until the end of next year. The final hurdle is resolving the $2.7bn arrears to private creditors. That means negotiating with about 60 smaller commercial banks.

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