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Ofori-Atta reports from China: Expects to obtain external assurances soon

According to a tweet by Ghana’s Finance Minister, Ken Ofori-Atta, the government is making progress in talks with bilateral creditors, particularly China, to secure external assurances soon. This is in line with efforts to restructure both domestic and external debts, which is a key conditionality for securing a $3 billion facility from the International Monetary Fund (IMF). China is a major player in Ghana’s external debt, holding $1.7 billion of the country’s $5.5 billion bilateral debt. The talks with China were postponed from mid-February to late March 2023, but Ofori-Atta has already met with representatives of the Chinese government and its quasi-agencies in Accra.

However, the Minority in Parliament doubts that the government will meet its deadline of getting IMF Board approval by the end of March, even though the government has already secured a Staff-Level Agreement from the IMF last year. The government has also recently adopted a domestic debt restructuring programme under the Domestic Debt Exchange Programme (DDEP) in the first two months of 2023

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