Finance Minister Ken Ofori Atta has left Accra for China

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Finance Minister Ken Ofori Atta has left Accra for China.

In order to hold talks with Chinese officials about debt restructuring, Finance Minister Ken Ofori Atta left Accra for that country.

According to sources, the Minister traveled to Addis Abeba over the weekend in order to attend the UNECA High-Level Ministers Meeting on Global Financial Architecture.

Mr. Ofori-Atta is anticipated to travel to China following that meeting, potentially on March 22, 2023.

In addition to requesting financial guarantees for Ghana’s program with the International Monetary Fund, the Minister who is leading the government team is anticipated to pursue bilateral discussions with China.

Due to the trip’s scheduling conflict with the National People’s Congress of China gathering in early March 2023, it was postponed until the end of March.

In order to re-profile Ghana’s debt to China, the finance minister has previously met with representatives of Exim Bank China in Ghana.

According to official sources, the Finance Minister’s trip to China brings the IMF Board one step closer to approving the programme.

The government is attempting to restructure the country’s debt with its external creditors, particularly China, and then find ways to secure their commitments to erase Ghana’s debt, the finance minister had earlier stated in an interview with Joy Business.

China holds a third of Ghana’s $5.7 billion in external debt, or $1.7 billion, of which Ghana is attempting to restructure.

According to the foreign debt structure, Ghana owes China around $1.7 billion, Eurobonds about $13.1 billion, and Multilateral about $8.1 dollars.

The remaining creditors total $3.2 billion and include Paris Club nations for $1.9 billion.

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