July 25, 2024
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Ghana secures assurances from China, France for External Debt Restructuring

Finance Minister Ken Ofori-Atta has disclosed that Ghana has secured assurances from both China and France regarding the Memorandum of Outstanding (MoU) for the restructuring of the country’s external bilateral debts.

“We have met the Central Bank Governor of China and we don’t perceive any opposition or reluctance in participating positively when it comes to the Memorandum of Understanding on restructuring of our external bilateral debts,” the Finance Minister said.

Responding to inquiries from journalists at the Annual International Monetary Fund/World Bank meetings in Marrakesh, Morocco, Mr Ofori-Atta added, “The Chinese government within the past months is close to reaching a similar deal with Zambia, Sri Lanka, and Suriname, so following that trend, we expect some similar cooperation from them when it comes to Ghana”.

Mr Ofori-Atta in an earlier interview described the IMF-World Bank Annual Meetings as an opportunity for a new beginning for the global financial architecture.

In his remarks at a Roundtable Discussion on “IMF Policy Priorities,” Mr Ofori-Atta charged the IMF to strengthen the global financial safety net through bold reforms to the global financial architecture.

During the Roundtable hosted by US Treasury Secretary, Janet Yellen, Mr Ofori-Atta praised the transformative leadership of IMF Managing Director, Kristalina Georgieva, which has led to the achievement of truly momentous things.

He however continued, “We need to stretch the IMF to do more. The need is great. And at these Annual Meetings, the developing world is asking the international community to do all it can to advance a reform agenda that ensures institutions like the IMF have the requisite mandates, financing, and governance models to deliver transformative impact.”

Mr Ofori-Atta further advocated for an IMF that is able to provide sufficient resources at scale to strengthen the global financial safety net.

He called for “reform of the available tools and lending instruments of the Fund to deal with global exogenous shocks.”

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