{"id":140030,"date":"2024-01-17T10:06:18","date_gmt":"2024-01-17T10:06:18","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/01\/17\/ofori-atta-to-be-in-china-on-jan-23-to-discuss-external-debt-restructure\/"},"modified":"2024-01-17T10:06:18","modified_gmt":"2024-01-17T10:06:18","slug":"ofori-atta-to-be-in-china-on-jan-23-to-discuss-external-debt-restructure","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/01\/17\/ofori-atta-to-be-in-china-on-jan-23-to-discuss-external-debt-restructure\/","title":{"rendered":"Ofori-Atta to be in China on Jan. 23 to discuss external debt restructure \u2013"},"content":{"rendered":"<p><\/p>\n<div>\n<p>Finance Minister Ken Ofori-Atta, along with other government officials, is scheduled to visit China on January 23 with the aim of restructuring Ghana\u2019s $5.4 billion bilateral debt, a significant portion of which is owed to China.<\/p>\n<p>China, along with France, co-chairs Ghana\u2019s Official Creditor Committee. The agreement reached with this committee is crucial for accessing additional funds from a $3 billion International Monetary Fund (IMF) bailout package.<\/p>\n<p>Simultaneously, Ghana will resume discussions with its international bondholders next week, building on the momentum generated by a recent deal to restructure $5.4 billion of bilateral debt. The country seeks to continue talks after engaging with Eurobond holders in October 2023.<\/p>\n<p>Restructuring negotiations last year was a \u201cvery difficult, painful process,\u201d but Ghana has \u201cbuilt pretty good momentum\u201d, Mr. Ofori-Atta told Reuters.<\/p>\n<p>The IMF board is scheduled to convene on Friday, January 19, 2024, to decide on a $600 million disbursement as part of Ghana\u2019s bailout program. Approval from the IMF would open the door for funding from other multilateral lenders.<\/p>\n<p>Additionally, the World Bank is expected to make a decision on providing $550 million in funding on January 25, 2024, according to Finance Minister Ken Ofori-Atta.<\/p>\n<p>Ghana is actively engaged in restructuring its debts under the Common Framework, a\u00a0G20-established process designed during the COVID-19 pandemic to address debt challenges.<\/p>\n<p>The country, facing a default in December 2022, is working to restructure around $20 billion of its external debt, which stood at approximately $30 billion at the end of 2022.<\/p>\n<p><!-- AI CONTENT END 1 --><\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Finance Minister Ken Ofori-Atta, along with other government officials, is scheduled to visit China on January 23 with the aim of restructuring Ghana\u2019s $5.4 billion bilateral debt, a significant portion of which is owed to China. China, along with France, co-chairs Ghana\u2019s Official Creditor Committee. The agreement reached with this committee is crucial for accessing [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":120585,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-140030","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Ofori-Atta to be in China on Jan. 23 to discuss external debt restructure \u2013 - 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\/2024\/01\/17\/ofori-atta-to-be-in-china-on-jan-23-to-discuss-external-debt-restructure\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ofori-Atta to be in China on Jan. 23 to discuss external debt restructure \u2013 - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"Finance Minister Ken Ofori-Atta, along with other government officials, is scheduled to visit China on January 23 with the aim of restructuring Ghana\u2019s $5.4 billion bilateral debt, a significant portion of which is owed to China. China, along with France, co-chairs Ghana\u2019s Official Creditor Committee. 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