Our meeting with China on debt restructuring has been positive and encouraging - Ofori-Atta

The Minister of Finance, Ken Ofori-Atta has expressed optimism over Ghana getting a deal with the International Monetary Fund (IMF) soon.

Finance Minister, Ken Ofori-Atta

He said the debt restructuring talks with China has so far been positive hence his optimism.

According to him, Ghana will soon secure external assurances from China.

Mr Ofori-Atta in a tweet on Friday, March 24, also expressed optimism about the government passing the three new tax bills in Parliament.

He added that the government is making significant progress on securing a deal with the International Monetary Fund (IMF).


“So far had very positive and encouraging meetings in China! Looking forward to securing external assurances very soon, even as we pass our outstanding domestic revenue bills back home. Great progress on all fronts.”

Mr Ofori-Atta discussed the bilateral talks with China on debt restructuring as well as seek financial assurances for Ghana’s programme with the IMF.

Ghana, which is going through its worst economic crisis in a generation, and the International Monetary Fund (IMF) reached a staff-level agreement in December for a $3 billion loan, but the IMF's board must first approve the program before lenders can be asked to provide financing assurances.

With about $1.7 billion in debt, China is Ghana's largest bilateral creditor. A source who spoke to the American news agency, Reuters said that the government's current top priority is getting IMF board approval, with the specifics of debt treatment operations coming later. On Thursday and Friday, there will be meetings.


"The talks are expected to focus on ways to reduce Ghana's debt burden and secure additional financing assurances for the country's economic program," the source said, asking not to be named because the talks are private.

Initial debt negotiations between China and Ghana this month were "cordial and fruitful," according to the finance ministry. Ghana effectively defaulted on the majority of its external debt last year and is still in need of resolution negotiations with its private international bondholders.


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