Ghana can manage any proposed cut-off date by external creditors – Ofori-Atta on IMF bailout

Minister of Finance, Ken Ofori-Atta, has indicated that Ghana remains open to any new cut-off date proposed by bilateral creditors to undertake a debt swap of the country’s external debt.

China had earlier proposed a December 2020 cut-off date for the debt swap instead of the previously agreed upon date of December 2022.

Speaking with journalists in Accra on November 5, 2023, the Finance Minister said Ghana is currently open to considering any new set date for the debt restructuring while adding that Ghana can manage whatever situation is agreed upon by the creditors.

“For us, we can manage, so the issue is for the membership of the OCC [Official Creditor Committee] to get comfortable, and so we hope that by the end of next week, we will have what we need so that the Fund Board can sit. Everybody is looking at the comparability of treatment in there and China and France certainly are co-chairs, so they have a good impact on what will happen, but we should be okay,” Ken Ofori-Atta is quoted to have said by citinewsroom.com

Meanwhile, the current snag in negotiations has impacted on Ghana’s meeting with the IMF Executive Board for the approval of the second tranche bailout consisting of $600 million.

The funds are expected to go towards supporting macroeconomic stability, government’s 2024 budget and among others.

MA/SA

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