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Debt restructuring: President Gives New Update on Ghana-China agreement


The People’s Republic of China is cooperating with the Republic of Ghana in its international debt restructuring, the President, Nana Addo Dankwa Akufo-Addo has said.

Together with the Paris Club, President Akufo-Addo is confident that the cooperation being witnessed would boost the government’s move at securing a deal with the International Monetary Fund (IMF).

I’m confident that with the cooperation that we’re receiving from the Paris Club and the People’s Republic of China, which has sent a delegation from China’s EXIM Bank to Accra over the weekend to meet with officials of the Ministry of Finance, we shall be able to go to the board of the Fund to finally conclude the agreement by the end of March,” he said.

President Akufo-Addo was addressing the Diplomatic Corps on Tuesday, February 28, 2023 at the 2023 New Year exchange of greetings, held at the Peduase Lodge.

According to the President, securing a deal with the Bretton Wood’s Institution would set the stage for the strong recovery of Ghana’s economy.

Ghana owes about $13 billion in Eurobonds and $4 billion in bilateral loans as at September 2022, of which $1.7 billion is owed to China, the International Institute of Finance reports.

However, President Akufo-Addo, in his address, urged friends of the country to add their words of support, as part of measures to restore economic stability.

Following the much criticised, but highly successful domestic debt exchange programme, and the cooperation by other international creditors, President Akufo-Addo was positive that the $3 billion being sought at the IMF would be clinched.

President Akufo-Addo, while addressing the Diplomatic Community, touched on insecurity on the continent, while calling for support to fight violent extremism, jihadist and terrorism, among others.

He further reiterated why Ghana voted to against Russia to condemn its invasion of Ukraine. He explained that the decision was based on principle, which principle is that powerful nations should not trample over weaker countries.


President Akufo-Addo appealed to all political actors in Nigeria to, as a matter of importance, seek consensus to address the challenges they are encountering, following their national elections held on Saturday, February 25, 2023.
According to President Akufo-Addo, happenings in Nigeria have direct implications in West Africa and the entire African continent, and to that end, political stakeholders in Nigeria need to find an amicable solution to whatever grievances they may have about the 2023 presidential elections.

At press time yesterday, the Nigeria Independent National Election Commission (INEC) had declared the All Progressive Congress’ (APC) candidate, Asiwaju Bola Ahmed Tinubu as the President-Elect of the Federal Republic of Nigeria.


Speaking on behalf of the Diplomatic Corps, the Ambassador of Burkina Faso to Ghana, S.E.M. Pingrenoma Zagre said the new year greetings was one the Diplomatic Corps cherished a lot and always look forward to.

However, he expressed the gratitude of the Community to Ghana for its cooperation and mutual understanding between the respective countries. He highlighted that the twin effect of COVID-19 and the Russia-Ukraine war have thrown economies out of gear.

He commended Ghana for using its seat at the United Nations Security Council to champion peace on the continent.


Welcoming the diplomats and other dignitaries to the event, the Minister for Foreign Affairs and Regional Integration, Shirley Ayorkor Botchway said the platform helps to strengthen the bonds of friendship between the respective countries.

She added that the New Year exchange of greetings also offer opportunity for the global community who had gathered to “reaffirm our collective desire to partner with countries and regional bodies to address issues of global concern that confront us namely human insecurity, climate change…”

According to her, despite the challenges of 2022, Ghana remains resilient with the adoption of policy interventions designed to stimulate economic growth, as well as the mobilisation of domestic financial resources.

She added that her ministry has worked with friendly countries in various fields to strengthen bilateral relations, regional ties and cooperation with other countries for positive economic outcomes.\



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