Ghana makes progress in debt cancelation negotiation with China Government


The Paris Club, China, India, Saudi Arabia, and Turkey have agreed to form the Official Creditor Committee (OCC) and give the International Monetary Fund financing assurances for Ghana as soon as possible. This will make it easier for the Fund Executive Board to approve Ghana by the beginning of May 2023.

Ken Ofori-Atta, Ghana’s Finance Minister, disclosed this after China and Ghana made progress in debt restructuring negotiations.

China should also be asked to co-chair the Official Creditor Committee, as requested by Mr. Ofori-Atta, who was leading a high-level government delegation to China last week.

The Finance Minister of China, Liu Kun, on his part said that his nation trusts Mr. Ofori-Atta in dealing with the Ghanaian economy, and that China would help Ghana.

Mr. Kun stated that he wanted to guarantee the prompt consideration of Ghana’s request for external debt treatment.

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

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

He went on to say that Chinese officials are committed to supporting Ghana’s medium- and long-term development goals and assisting the country with its immediate liquidity issues.

He asserted that China supported Ghana’s debt sustainability and sustainable development and would advocate for additional grant and concessional funding, particularly at this time.

Mr. Zhang Wencai, Vice President of China Exim Bank, stated, “Ghana needs more concessional and grant fund from creditors,” adding, “The Multilateral Banks should therefore do more for Ghana.”