In order to spend money on the 2024 election, the government plans to establish financial rooms.

This comes after the government replaced the remaining debt with a lower yielding, 15-year bond and wrote off half of the 77.6 billion cedis ($7 billion) it owed to the Central Bank, according to three sources with direct knowledge of the deal who spoke to Reuters.

According to Reuters, the most recent action is a part of the West African country’s effort to restructure its domestic debt, which is necessary to be eligible for the next installment of an IMF rescue loan worth $3 billion. Ghana now wants to concentrate on talks with foreign creditors.

In February, the producer of gold, oil, and cocoa finished the first round of domestic debt restructuring by exchanging local currency bonds held by 85% of eligible holders for new bonds with longer maturities and lower interest rates. The central bank exchanged 17 billion cedis as part of this.

The government is currently restructuring domestic debt of 123 billion Ghana cedis, which includes debt owed to independent power producers, the central bank, and domestic U.S. dollar bonds, cocoa bills, and pension funds.