Ghana secures debt deal as part of IMF loan

ACCRA, Jan 13 (AFP): Ghana has reached an agreement with external creditors for a debt restructuring that was key to its $3 billion credit line with the IMF, the government and the lender said.

Facing its worst economic crisis in decades, Ghana agreed to a loan from the International Monetary Fund (IMF) to help shore up its public finances and better manage its heavy debt load.

Ghana's economic outlook will be a major part of campaigning for the presidential election in December when President Nana Akufo-Addo's New Patriotic Party will seek an unprecedented third term in office. Ghana received its first $600 million tranche of the IMF loan in May last year.

The external debt deal helps clear the way for approval of another $600 million payment.

"This development constitutes a significant positive step towards restoring Ghana's long-term debt sustainability," a Finance Ministry statement said late Friday.

Last year Ghana successfully carried out a restructuring of its domestic debt.