Minister of Finance Ken Ofori-Atta has pleaded with a Chinese Delegation from China Exim Bank to help Ghana overcome its current Difficulties.
The Chinese Delegation was in Ghana ahead of Ghanaian officials’ trip to China to negotiate for debt relief as China Exim Bank holds more than 40% of Ghana’s debt to China.
Mr. Ofori-Atta launched the appeal at a farewell dinner for the Chinese delegation from the China Exim Bank that was in Accra to engage the government as part of moves to restructure about $1.9 billion debt owed to China.
Mr. Ofori-Atta described Ghana’s current situation as “difficult”.
“What Ghana needs as we go through our current challenging economic and financial circumstances is strong support from our lasting partners, including China, to restore lasting growth and support the vulnerable,” he said.
A report on the Ministry of Finance website stated that the delegation is in Accra on a three-day mission, ahead of Ghana’s upcoming mission to China, all in line with ongoing negotiations for a sovereign debt treatment.
Ken Ofori Atta will lead a high-powered government delegation to China to plead for the acceptance of the country’s proposal for debt cancellation.
Ghana is hoping to restructure $5. 7 billion with China holding a third of it amounting to $1.7 billion dollars.
Ghana is currently restructuring its debt domestically and externally to access support from the IMF.
China is Ghana’s single biggest bilateral creditor with $1.7 billion of debt, while Ghana owes $1.9 billion to Paris Club members, according to data from the Institute of International Finance (IIF).