Ghana Suspends Payment of Debts

Ghana has suspended payments on most of its external debt as the country struggles to plug its deep balance of payments deficit.

The country’s finance ministry said it will not service debts including its Eurobonds, commercial loans and most bilateral loans, describing the decision an interim emergency measure.

The suspension of debt payments reflects the perilous state of the economy, which had led the government to reach a $3bn staff-level agreement with the International Monetary Fund.

The IMF has said a comprehensive debt restructuring is a condition of its support.