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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.

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.

Source: --