Tag: China
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China launches $41 billion fund to accelerate semiconductor industry
China is taking significant steps to bolster its semiconductor industry with the launch of a colossal $41 billion fund. This initiative, announced by the China Integrated Circuit Industry Investment Fund, commonly known as the “Big Fund,” marks the largest of three funds introduced by the country. It comes as the United States tightens restrictions on…
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China cuts key interest rate as recovery falters
The People’s Bank of China (PBOC) lowered its one-year loan prime rate to 3.45% from 3.55%. The country’s post-Covid recovery has been hit by a property crisis, falling exports and weak consumer spending. The cut comes as other major economies raised rates to tackle rising prices. The PBOC last cut its one-year rate – on…
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ACCPA holds training for media professionals on Ghana-China relations
The Africa-China Centre for Policy & Advisory (ACCPA), in partnership with the Confucius Institute at the University of Ghana on Wednesday, June 21 hosted one-day training in Accra for select media professionals to enhance their capacity in the reportage of Africa – China relations. The Africa-China Centre for Policy and Advisory is a Sino-African research…
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Ghana ready to go to IMF Board following financing assurances from Paris Club
Ghana has secured financing assurances from the Paris Club following the establishment of the Official Creditor Committee co-chaired by China and France. This comes months after Ghana’s bid to get financing assurances from its international lenders to enable it get the necessary bailout support from the International Monetary Fund. By this, the move will pave…
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Ghana’s IMF progress: Paris Club, China & other creditors agree to form OCC
Ghana’s Minister for Finance, Honourable Ken Ofori-Atta, has divulged that Ghana has made significant progress in its discussions for debt treatment with the Paris Club and other bilateral creditors. This was shared after a meeting on 21st March, 2023, with Ghana’s creditors. The Paris Club, together with other creditors including China, India, Saudi Arabia, and…
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China assures Ghana of support in servicing debt relief
The Finance Minister of China, Mr. Liu Kun says his country has confidence in the management of the Ghanaian economy, and that his country felt a responsibility to be of help as Ghana seeks debt servicing relief. At a meeting in Beijing with Ghana’s Finance Minister Ken Ofori-Atta last week, Mr. Kun said the Chinese…
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Talks with China over $1.7bn debt positive, encouraging – Ofori-Atta
The Finance Minister, Ken Ofori-Atta, has revealed that conversations with China over Ghana’s debt have been positive and encouraging. Ghana’s finance minister, Ken Ofori-Atta travelled to Beijing on Wednesday to meet Chinese officials to discuss a proposed restructuring of Ghana’s debt, according to a source with knowledge of the talks. China on Thursday revealed that…
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China to seek proper resolution with Ghana over $1.7bn debt
China would like to enhance communications with Ghana to seek a proper resolution of Ghana’s debt issue, its foreign ministry said on Thursday, March 23. Spokesperson Wang Wenbin made the remark in response to a question on Ghana’s finance minister visiting Beijing for a proposed restructuring of Ghana’s debt. Ghana’s finance minister Ken Ofori-Atta travelled…
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Support Ghana’s efforts to restore debt sustainability – IMF to bilateral creditors
The International Monetary Fund (IMF) has called on all bilateral creditors to support Ghana’s efforts to restore debt sustainability, as the country works towards presenting its economic programme for IMF Board approval. Speaking at a news conference in Washington DC, the Director of Communications at the IMF, Julie Kozack, stressed the importance of Ghana securing…
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Finance Minister leaves for China for debt negotiations
The Finance Minister, Ken Ofori-Atta, is expected to arrive in China on Wednesday for debt negotiations. The Minister is leading a high-level government delegation for bilateral talks on debt restructuring and financing assurances on Thursday and Friday, the source said. The delegation includes other government officials as well as technical teams from the Ministry of…