Following a severe macroeconomic crisis in 2022, Ghana lost access to international capital markets and sought financial support from the International Monetary Fund (IMF). Anchored by a 36-month IMF arrangement under the Extended Credit Facility (ECF), Ghana undertook one of the most comprehensive sovereign debt restructuring exercises in recent years. As one of the first African sovereigns to restructure debt after the pandemic under the G20 Common Framework for Debt Treatments beyond the Debt Service Suspension Initiative (Common Framework), Ghana’s experience reveals critical limitations of the current international debt resolution architecture, the political economy of fiscal adjustment and domestic debt restructurings, and the role of fiscal and financial institutions in crisis management […]