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Business News Wed, 25 Feb 2004

It's 220 million euro debt relief

In an interview with JoyFM, the finance minister, Yaw Osafo-Maafo was not certain about the amount of debt relief granted by the German government to Ghana (READ)

"We have sought clarification from the German Embassy; we should get the final figures by the end of next week. It is more likely to be huge, over 230 million euro that we owe Germany over a long time and not the interim relief that is normally associated with the HIPC relief mechanism."

However, a statement made after the signing of an agreement canceling part of Ghana's debt to Germany contained the following clause:

The German government is willing to cancel the country's 220 million euro debt to Germany in return for Ghana's compliance with World Bank debt relief criteria.

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