Ghana making significant progress in negotiations for debt treatment- Finance Minister  

economic
ken ofori-Atta

Finance Minister, Ken Ofori-Atta, has revealed that Ghana has made significant progress in negotiating for debt treatment with the Paris Club and other bilateral creditors, under the G20 Common Framework.

According to him, the Paris Club had agreed to form the Official Creditor Committee and deliver financing assurances to the International Monetary Fund soon to clear the path for its executive board’s approval of Ghana’s programme by early May 2023.

Speaking to the media after meeting China’s Finance Minister, Liu Kun, Mr. Ofori-Atta requested China to Co-chair the Official Creditor Committee.

Minister Kun further stated that China would hope that Multilateral and Commercial creditors will also fully participate in the interest of burden sharing.

He said his country has confidence in the management of the Ghanaian economy, and that China would help Ghana seek debt servicing relief.

At a meeting in Beijing with Mr. Ofori-Atta last week, Mr. Kun said the Chinese authorities “have confidence in Ghana’s economic management and its long-term economic viability.”

Mr. Kun said he wanted to ensure that Ghana’s external debt treatment request was considered expeditiously and was thus accompanied to the meeting with Mr. Ofori-Atta by a high-level delegation including Wu Fuli, Chairman of China Exim-Bank.

Minister Kun said, “we know that these are short-term challenges which we as responsible creditors, remain committed to resolving.”

“The long-standing and prosperous relationship between Ghana and China imposes on us a responsibility to help,” the Chinese Finance Minister added.

This week, all eyes are on Ghana’s parliament which will consider three key revenue measures whose approval is expected to rake in ¢4.4 billion in domestic revenues. It is one of the major actions on the part of Ghana, critical to trigger IMF Executive Board approval of a 3 billion dollar facility for the country to ease its current economic difficulties.

Source: Business Analyst

Ghana | Atinkaonline.com

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