A Chinese delegation is in Accra to engage the government in a discussion, following a request for the restructuring of Ghana’s $1.9 billion debt owed to China.
A report on the Ministry of Finance website stated that the delegation is in Accra on a 3-day mission, ahead of Ghana’s upcoming Mission to China, all in line with ongoing negotiations for a sovereign debt treatment. The report also highlighted that scheduled meetings were going well, and discussions have been cordial and fruitful.
A highly placed source at the Ministry of Finance went further to state that there has been data sharing between the two governments, with discussions being held at the technical level, on the parameters of an effective debt treatment.
According to the source, the Ghanaian government was seeking among other reliefs, an extension of the moratorium on debt servicing; an extension of maturities; and lower interest rates.
Another source close to the Ministry of Finance, speaking on condition of anonymity, corroborated the report and said that technical discussions had been extremely positive so far. The source also hinted that plans were on course for the proposed high-level government mission to China, during the last week of March.
The Chinese delegation, as part of the 3-day Mission, had met with the Vice President, Alhaji Mahamudu Bawumia, the Minister for Finance, Mr Ken Ofori-Atta, and technical teams from the Ministry of Finance.
The Chinese Ambassador to Ghana, Mr Lu Kun, also hosted the delegation at a luncheon yesterday. In attendance were members of the Chinese delegation, the Minister for Finance, Mr Ken Ofori-Atta; Minister of Foreign Affairs, Ms Shirley Ayorkor Botchwey; Ghana’s Ambassador to China, Dr Winfred Nii Okai Hammond, and officials of the Ministry of Finance.
Speaking at the luncheon, Mr Ofori-Atta thanked the Chinese government for their long-standing cooperation and support for Ghana. He emphasised the need to keep and strengthen that relationship, whilst working towards an exemplary debt treatment solution that could serve as a model for China’s future engagements with other African countries.
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