Tag: IMF
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Ghana’s bilateral creditors set to clear way for $3bn IMF bailout
Ghana hopes to take a big step towards restructuring its $58bn-worth of debt this week, with its bilateral creditors meeting on Tuesday to discuss whether to provide enough relief to unlock a $3bn IMF bailout. Ghana owes $5.5bn to foreign governments and their state banks. Ken Ofori-Atta, finance minister, said he had “hope” those bilateral…
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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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Economic crisis: US to seek Paris Club’s support for Ghana
The United States government has promised to intervene on Ghana’s behalf with the Paris Club as the country seeks debt forgiveness as part of the International Monetary Fund’s balance of payment support. The US Vice President, Kamala Harris, announced this at a joint Press Conference with President Akufo-Addo. According to Mrs Harris, the US will…
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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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Ghana’s public debt stock still at ¢575.7bn – BoG data
Recent figures released by the Bank of Ghana indicate that Ghana’s public debt stock still remains constant at ¢575.7 billion at the end of November 2022. By this, Ghana’s total public debt stock increased from about GH¢467.4 billion in September 2022 to about GHC575.7 billion in November 2022. According to the latest Bank of Ghana’s…
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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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Govt gradually destroying financial market – Senyo Hosi
The Convener of the Individual Bondholders Forum, Senyo Hosi, has slammed the Finance Ministry, the Ghana Stock Exchange (GSE) and the Securities and Exchange Commission (SEC) over their woeful handling of the financial market. Speaking on the Citi Prime News on Tuesday, March 14, Mr Hosi said the failure of the Finance Ministry to honour…
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Help us get the $3bn IMF bailout – Akufo-Addo to diplomats
President Nana Addo Dankwa-Akufo-Addo has called on the Diplomatic Corps to help Ghana’s bid for a $3 billion bailout at the International Monetary Fund (IMF). Addressing members of the Diplomatic Corps at the Peduase Lodge on Tuesday, the President said with the cooperation received from the Paris Club, he is confident that the IMF deal…