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On Thursday, March 23, the Chinese Foreign Ministry stated its desire to improve communication with Ghana to address Ghana’s debt issue. Spokesperson Wang Wenbin made this statement in response to a question about Ghana’s Finance Minister visiting Beijing for debt restructuring discussions.
According to an anonymous source familiar with the matter, the talks will focus on reducing Ghana’s debt burden and securing additional financing assurances for the country’s economic program. Ghana’s priority is obtaining approval from the International Monetary Fund (IMF) board for a $3 billion loan it secured in December.
China is Ghana’s largest bilateral creditor, with approximately $1.7 billion of debt. In addition to its debt restructuring discussions with China, Ghana is still negotiating with its private international bondholders and awaiting the formation of an official creditor committee for talks with sovereign creditors. While a Chinese delegation visited Ghana this month for preliminary debt talks, the Ghanaian government’s immediate focus is securing IMF board approval.
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Source: Omanghana.com/SP
