Akufo-Addo: President Assures Chinese Cooperation Will Enable Ghana Clinch IMF Deal By The End Of March

• President Akufo-Addo on Tuesday, 28 February 2023 expressed optimism about Ghana clinching an IMF deal soon
• According to him, China’s cooperation will help the country secure the deal by the end of March
• Ghana is hopeful of China buying into its debt restructuring programme, which is a requirement for the IMF deal

Ghana’s hopes of securing a deal with the International Monetary Fund (IMF) appear to have been given a major boost.

This follows positive progress in the talks with China for a debt cancellation programme.

Ghana hopeful of securing IMF deal by end of March

Ghana is hopeful of China buying into its debt restructuring programme, which is required to fast-track the IMF deal.

Read also

Poor countries call for debt revolution at UN summit

Speaking in an address at the annual ambassadors and high commissioners get-together at the Peduase lodge on Tuesday, 28 February 2023, President Nana Akufo-Addo expressed optimism that Ghana will reach the IMF deal for an economic bailout at the end of March.

China-Ghana talks on debt restructuring progressing positively

He said a meeting with the Chinese Exim Bank is progressing positively, leading to the country securing a deal with the Paris club.

According to him, with the cooperation Ghana is receiving from the Paris Club and the People’s Republic of China, the country will conclude talks on the deal by the end of March.

As a condition to securing the $3 billion IMF deal, Ghana is expected to restructure its external debts after doing the same with its local creditors.

China is said to be the largest creditor, with Ghana owing the Asian country over $1.7 billion.

Read also

"No baby vaccines yet Akufo-Addo is celebrating Independence Day" - Mahama laments

Germany warns IMF deal could be jeopardised if China rejects Ghana’s plea

Earlier, YEN.com.gh reported that Germany had sounded the alarm bells on Ghana securing an economic bailout package from the International Monetary Fund (IMF).

According to the German Ambassador to Ghana, Daniel Krull, the deal might not go through if China doesn’t support the country’s debt restructuring programme.

Speaking at a press briefing, the ambassador, Daniel Krull, said China had rejected attempts to buy into Ghana’s overtures.

Source: YEN.com.gh