Assurances From China, France On MoU For External Debt Restructuring Intact – Ofori Atta2 min read
Finance Minister Ken Ofori-Atta has disclosed that Ghana has received confirmation from China and France regarding the Memorandum of Understanding (MoU) for the restructuring of the country’s external bilateral debts.
Ofori-Atta stated that during their discussions with the Central Bank Governor of China, there were no indications of opposition or reluctance to participate positively in the MoU for restructuring Ghana’s external bilateral debts.
“We have met the Central Bank Governor of China and we don’t perceive any opposition or reluctance in participating positively when it comes to the Memorandum of Understanding on restructuring of our external bilateral debts,”
“The Chinese government within the past months is close to reaching a similar deal with Zambia, Sri Lanka, and Suriname, so following that trend, we expect some similar cooperation from them when it comes to Ghana”.
During the Annual International Monetary Fund/World Bank meetings in Marrakesh, Morocco, the Finance Minister emphasized the effectiveness of Ghana’s engagement in the G20 Common Framework for countries facing debt challenges.
He highlighted the significant progress made under this framework compared to other nations in similar situations.
Ofori-Atta expressed optimism about the imminent economic stability in Ghana, attributing it to the government’s ongoing programs and its commitment to prudence in expenditure.
Ghana recently reached a staff-level agreement with the IMF, which is expected to pave the way for the approval and disbursement of the second tranche of $600 million under the IMF program, however, securing a Memorandum of Understanding from External Bilateral Creditors is a prerequisite for the IMF Board’s approval of these funds during its meeting in November 2023.
He highlighted the significant progress made under this framework compared to other nations in similar situations.
Ofori-Atta expressed optimism about the imminent economic stability in Ghana, attributing it to the government’s ongoing programs and its commitment to prudence in expenditure.
Ghana recently reached a staff-level agreement with the IMF, which is expected to pave the way for the approval and disbursement of the second tranche of $600 million under the IMF program, however, securing a Memorandum of Understanding from External Bilateral Creditors is a prerequisite for the IMF Board’s approval of these funds during its meeting in November 2023.
