ACCRA, Jan. 30 (Xinhua) -- The Ghanaian government has concluded a memorandum of understanding (MoU) with the Official Creditor Committee (OCC), formalizing the debt treatment agreement reached in June last year, Finance Minister Cassiel Ato Forson said.

During a press briefing Wednesday, Forson revealed that all 25 member countries of the OCC, co-chaired by China and France, have signed the MoU.

"The signing of the MoU formalizes the debt treatment agreed with official creditors and marks a crucial step toward restoring long-term debt sustainability," Forson said.

The minister said Ghana expects to receive a debt service relief of about 2.86 billion U.S. dollars, which would free the necessary fiscal space for Ghana to support and strengthen economic recovery and the reforms backed by the International Monetary Fund.

"Ghana is committed to working closely with its official creditors to expedite the process for signing the bilateral agreements," he added.

Facing a major fiscal and balance-of-payments crisis, Ghana commenced a comprehensive restructuring of its sovereign debt in December 2022 as a condition for accessing IMF support for the current economic reforms, seeking to address the economic hardships. Enditem

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