Finance Minister Ken Ofori-Atta has announced that Ghana has received assurances from both China and France concerning the Memorandum of Understanding (MoU) for restructuring the country’s external bilateral debts. He mentioned that discussions with the Central Bank Governor of China showed a positive willingness to cooperate in the debt restructuring. He also noted that China has been involved in similar deals with other countries, such as Zambia, Sri Lanka, and Suriname, which further strengthens expectations of cooperation with Ghana.
Mr. Ofori-Atta, speaking at the Annual International Monetary Fund/World Bank meetings in Marrakesh, Morocco, emphasized the importance of these meetings as a fresh start for the global financial system. He called on the IMF to make bold reforms to the global financial architecture and enhance the global financial safety net.
During a Roundtable Discussion on “IMF Policy Priorities” hosted by U.S. Treasury Secretary Janet Yellen, Mr. Ofori-Atta commended IMF Managing Director Kristalina Georgieva for her transformative leadership. However, he urged the IMF to go further, stressing the importance of the developing world’s request for an enhanced reform agenda to equip institutions like the IMF with the necessary mandates, financing, and governance structures to bring about significant change.
Mr. Ofori-Atta also advocated for an IMF capable of providing substantial resources on a large scale to strengthen the global financial safety net. He called for reforms to the Fund’s available tools and lending instruments to address global external shocks effectively.
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