{"id":22337,"date":"2023-02-26T12:25:22","date_gmt":"2023-02-26T12:25:22","guid":{"rendered":"https:\/\/www.ghanamma.com\/2023\/02\/26\/speed-up-ghanas-creditor-committee-formation-imf-chief-appeals-to-g20-creditors\/"},"modified":"2023-02-26T12:25:22","modified_gmt":"2023-02-26T12:25:22","slug":"speed-up-ghanas-creditor-committee-formation-imf-chief-appeals-to-g20-creditors","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2023\/02\/26\/speed-up-ghanas-creditor-committee-formation-imf-chief-appeals-to-g20-creditors\/","title":{"rendered":"Speed up Ghana\u2019s creditor committee formation &#8211; IMF Chief appeals to G20 creditors"},"content":{"rendered":"<p><\/p>\n<div>\n<div class=\"td-post-featured-image\">\n<figure><img loading=\"lazy\" decoding=\"async\" width=\"696\" height=\"392\"  alt=\"\" title=\"IMF Managind Director Georgieva\" src=\"https:\/\/www.ghanamma.com\/wp-content\/uploads\/2023\/02\/IMF-Managind-Director-Georgieva-696x392.jpg\" data- class=\"entry-thumb td-modal-image lazyload\"\/><noscript><img loading=\"lazy\" decoding=\"async\" width=\"696\" height=\"392\" class=\"entry-thumb td-modal-image\" src=\"https:\/\/www.ghanamma.com\/wp-content\/uploads\/2023\/02\/IMF-Managind-Director-Georgieva-696x392.jpg\"   alt=\"\" title=\"IMF Managind Director Georgieva\"\/><\/noscript><figcaption class=\"wp-caption-text\">International Monetary Fund Managing Director Kristalina Georgieva<\/figcaption><\/figure>\n<\/div>\n<p>The Managing Director of the International Monetary Fund has appealed to creditor-nations group Paris Club to quicken the process to restructure Ghana\u2019s debt, warning that further delays will undermine the country\u2019s stability.<\/p>\n<p>Kristalina Georgieva urged G20 countries to speed up the formation of a Creditor Committee for Ghana, which is needed to reorganize its external debt of 382 billion cedis ($29.1 billion).<\/p>\n<p>\u201cIt is now critical to complete Zambia\u2019s debt restructuring, establish a Creditor Committee for Ghana, and advance work with Ethiopia,\u201d the IMF boss made the appeal at the first meeting of the G20 Finance Ministers and Central Bank Governors in Bengaluru, India.<\/p>\n<p>A creditor committee will enable Ghana to formally seek financial assurances from bilateral creditors and gauge their willingness to engage in debt restructuring negotiations.<\/p>\n<p>Ghana is reorganizing its total public debt, estimated at 575 billion cedis, to secure a $3 billion bailout from the IMF.<\/p>\n<p>The country completed a domestic debt swap this month after five deadline extensions for bondholders to participate in the exchange.<\/p>\n<p>Kristalina\u2019s appeal comes a day after the German Ambassador to Ghana held an unusual press conference to discuss conditions needed to be met before Paris Club members would agree on a debt relief package for the cocoa producing nation.<\/p>\n<p>Daniel Krull warned that the country\u2019s bailout request with the IMF would be in jeopardy unless China agrees to a joint debt relief package.<\/p>\n<p>\u201cThe Big elephant in the room is China. China is the largest creditor to Ghana and so far it is not supportive of setting up of a creditors\u2019 committee, where the creditors will sit down and agree on an aid package for Ghana,\u201d the German diplomat said during the press engagement.<\/p>\n<p>China is Ghana\u2019s biggest bilateral creditor with $1.7 billion of debt, while the country owes $1.9 billion to Paris Club members.<\/p>\n<p>Finance Minister Ken Ofori-Atta this week postponed a visit to Beijing for debt relief talks due to the National People\u2019s Congress of China.<\/p>\n<p>While multiple local media reports indicate Ghana is seeking debt cancellation from China, 3Business sources revealed the finance minister would propose a debt swap when he visits China next month.<\/p>\n<p>Without assurances from creditors, the bailout appro by IMF board would delay, which means the much-needed $3 billion loan would be far away from coming.<\/p>\n<p><strong>By Sani Abdul-Rahman | 3Business<\/strong><\/p>\n<\/div>\n<p><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>International Monetary Fund Managing Director Kristalina Georgieva The Managing Director of the International Monetary Fund has appealed to creditor-nations group Paris Club to quicken the process to restructure Ghana\u2019s debt, warning that further delays will undermine the country\u2019s stability. Kristalina Georgieva urged G20 countries to speed up the formation of a Creditor Committee for Ghana, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":996,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[],"class_list":["post-22337","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Speed up Ghana\u2019s creditor committee formation - IMF Chief appeals to G20 creditors - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2023\/02\/26\/speed-up-ghanas-creditor-committee-formation-imf-chief-appeals-to-g20-creditors\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Speed up Ghana\u2019s creditor committee formation - IMF Chief appeals to G20 creditors - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"International Monetary Fund Managing Director Kristalina Georgieva The Managing Director of the International Monetary Fund has appealed to creditor-nations group Paris Club to quicken the process to restructure Ghana\u2019s debt, warning that further delays will undermine the country\u2019s stability. 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