The Minister of Finance, Ken Ofori-Atta, and some government officials will travel to China on January 23 as Ghana seeks to restructure the $5.4 billion bilateral debt of which China owns a substantial amount.
China and France co-chair Ghana's Official Creditor Committee and the agreement reached with the committee is key to unlocking more funding from a $3 billion International Monetary Fund (IMF) bailout out package.
The country will also re-engage with its international bondholders from next week, as it seeks to build on the momentum of a deal last week to restructure $5.4 billion of bilateral debt.
Ghana will seek to continue discussions after meeting holders of its about $13 billion in outstanding Eurobonds in Marrakech in October 2023, Mr. Ofori-Atta said in an interview on the sidelines of the World Economic Forum (WEF) annual meeting.
Restructuring negotiations last year was a "very difficult, painful process," but Ghana has "built pretty good momentum", Mr. Ofori-Atta told Reuters.
The IMF board is due to meet on Friday, January 19, 2024, to decide on a $600 million disbursement from Ghana's bailout programme. Getting approval would unlock funding from other multilateral lenders.
The World Bank is expected to decide on $550 million of "sorely needed" funding on January 25, 2024, Mr. Ofori-Atta added.
Ghana is reworking its debts under the Common Framework, a restructuring process set up by the G20 countries during the COVID-19 pandemic that has been criticised for slow results.
The country defaulted on its external debt in December 2022 after debt servicing costs soared. It is looking to restructure $20 billion of external debt, which totalled about $30 billion at the end of 2022.
Latest Stories
-
Ghana and Seychelles strengthen bilateral ties with focus on key sectors
7 mins -
National Elections Security Taskforce meets political party heads ahead of December elections
10 mins -
Samsung’s AI-powered innovations honored by Consumer Technology Association
30 mins -
Fugitive Zambian MP arrested in Zimbabwe – minister
48 mins -
Town council in Canada at standstill over refusal to take King’s oath
59 mins -
Trump picks Pam Bondi as attorney general after Matt Gaetz withdraws
1 hour -
Providing quality seeds to farmers is first step towards achieving food security in Ghana
1 hour -
Thousands of PayPal customers report brief outage
2 hours -
Gary Gensler to leave role as SEC chairman
2 hours -
Contraceptive pills recalled in South Africa after mix-up
2 hours -
Patient sues Algerian author over claims he used her in novel
2 hours -
Kenya’s president cancels major deals with Adani Group
2 hours -
COP29: Africa urged to invest in youth to lead fight against climate change
2 hours -
How Kenya’s evangelical president has fallen out with churches
3 hours -
‘Restoring forests or ravaging Ghana’s green heritage?’ – Coalition questions Akufo-Addo’s COP 29 claims
3 hours