Ghana is set to become the first African nation to officially request a G20 common framework for debt restructuring, according to sources familiar with the matter.
The West African nation is expected to make its request on Tuesday, when Ghana’s Finance Minister Ken Ofori-Atta presents the budget to parliament.
The framework is part of the G20’s Debt Service Suspension Initiative, or DSSI, which aims to provide relief to low-income countries struggling to pay their debt amid the coronavirus pandemic.
The G20 is an international forum of the world’s 20 largest economies, and has been leading the global effort to address the economic and financial impacts of the pandemic. Under the DSSI, the G20 has agreed to provide debt service relief to the world’s poorest countries.
Ghana is the first African nation to officially request a G20 common framework for debt restructuring. This is an important step forward for the continent, as it will pave the way for other African countries to access debt relief.
The framework is expected to be a comprehensive solution to the debt burden of countries in Africa and beyond. It will provide a coordinated approach to debt restructuring, allowing countries to restructure their debt in a transparent and effective manner.
The G20’s framework will provide “breathing space” for countries in need of debt relief. It will also help to ensure that the debt burden does not become a long-term hindrance to economic growth and development.
The G20’s framework is also expected to provide a much-needed lifeline to African countries that have been hit hard by the pandemic. Many African nations have struggled to access debt relief due to their weak financial systems, which have been further weakened by the pandemic.
This is why Ghana’s request for a G20 common framework for debt restructuring is so important. It is a sign that African nations are willing to work together to find solutions to the challenges they face.
The G20’s framework is expected to provide African countries with a much-needed opportunity to access debt relief and rebuild their economies. This could be a crucial step in helping African countries recover from the economic effects of the pandemic.
Ghana’s request for a G20 common framework for debt restructuring is a positive sign for the continent. It shows that African nations are willing to work together to find solutions to the challenges they face. It is a sign of hope for a brighter economic future for African countries.