{"id":47351,"date":"2023-03-22T05:44:36","date_gmt":"2023-03-22T05:44:36","guid":{"rendered":"https:\/\/www.ghanamma.com\/2023\/03\/22\/getting-buy-in-of-china-for-debt-cancellation-complicated\/"},"modified":"2023-03-22T05:44:36","modified_gmt":"2023-03-22T05:44:36","slug":"getting-buy-in-of-china-for-debt-cancellation-complicated","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2023\/03\/22\/getting-buy-in-of-china-for-debt-cancellation-complicated\/","title":{"rendered":"Getting buy-in of China for debt cancellation complicated"},"content":{"rendered":"<p><\/p>\n<div>\n<p>Political science lecturer and Director of Asian Studies at the University of Ghana, Dr. Lloyd Amoah is sceptical about the government\u2019s ability to persuade Chinese authorities to forgive its debt as part of Ghana\u2019s debt restructuring programme.<\/p>\n<p>Ken Ofori-Atta, the Finance Minister, is <span style=\"text-decoration: underline;\"><strong>currently in China<\/strong><\/span> to request that interest payments be suspended in order for the public debt stock to fall below sustainable levels.<\/p>\n<p>The engagement\u2019s success is critical to securing a $3 billion deal with the International Monetary Fund.<\/p>\n<p>Dr. Llyod Amoah, speaking on <strong>Eyewitness News<\/strong> about Ghana\u2019s chances, predicted that the negotiations would be difficult.<\/p>\n<p>\u201cGhana is an important historical country in West Africa and Africa generally so that might play into the economic cards that are on the table. But it\u2019s hard to say that things will necessarily be in our favour easily. That is to say that what our finance team sells to the Chinese will really count. So, they may have up their game if they want the Chinese to listen to us and help us restructure the debts that we owe them. So it\u2019s dicey and complicated.\u201d<\/p>\n<p>Ghana, which is struggling with its worst economic crisis in a generation, secured a staff-level agreement with the International Monetary Fund in December for a $3 billion loan, though asking lenders to provide financing assurances is a condition for the IMF\u2019s board to sign off the programme.<\/p>\n<p>China is Ghana\u2019s biggest bilateral creditor with about $1.7 billion of debt.<\/p>\n<p>A Chinese delegation visited Ghana this month for initial debt talks which the finance ministry said were \u201ccordial and fruitful\u201d.<\/p>\n<p>Ghana suspended payments on most of its external debt last year, effectively defaulting, and still needs to negotiate a resolution with its private international bondholders.<\/p>\n<p>Ghana has already restructured its domestic debt and has requested to rework its bilateral debt under the common framework platform supported by the Group of 20 major economies.<\/p>\n<p>An official creditor committee for talks with sovereign creditors is still pending.<\/p>\n<p>Ken Ofori\u2013Atta who left Accra for China on Monday, March 20, with a government delegation is expected to continue bilateral talks with China as well as seek financial assurances for Ghana\u2019s programme with the International Monetary Fund.<\/p>\n<p>Government has thus expressed optimism about a fruitful discussion between the Finance Minister, Ken Ofori-Atta and China on negotiations for debt restructuring.<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Political science lecturer and Director of Asian Studies at the University of Ghana, Dr. Lloyd Amoah is sceptical about the government\u2019s ability to persuade Chinese authorities to forgive its debt as part of Ghana\u2019s debt restructuring programme. Ken Ofori-Atta, the Finance Minister, is currently in China to request that interest payments be suspended in order [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":47352,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[],"class_list":["post-47351","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>Getting buy-in of China for debt cancellation complicated - 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\/03\/22\/getting-buy-in-of-china-for-debt-cancellation-complicated\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Getting buy-in of China for debt cancellation complicated - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"Political science lecturer and Director of Asian Studies at the University of Ghana, Dr. Lloyd Amoah is sceptical about the government\u2019s ability to persuade Chinese authorities to forgive its debt as part of Ghana\u2019s debt restructuring programme. 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