Talks with China were originally slated for mid-February but they were postponed to late March 2023."Ronnie Larsen you have another hit on your hands! I strongly suggest everyone get their tickets NOW for Come Out Come Out! The show is FAN-FREAKIN- TASTIC!!! These guys are amazing, and this was just the first preview! Congratulations to everyone involved! I can't wait to see it again! Jennifer McClain, Facebook Ofori-Atta's trip to Beijing is hinged on efforts to secure a deal for restructuring of Ghana's bilateral debts with the Asian economic powerhouse.Įven though Ghana is seeking a US$3 billion facility from the International Monetary Fund (IMF), the need to restructure both domestic and external debts has been given as a key conditionality.Ĭhina is a key player relative to Ghana's external debtors, holding about $1.7 billion of Ghana’s $5.5 billion bilateral debt.Īccording to the Ghana Business News portal, the specialised nature of their lending windows means that Ghana cannot add them to the model used to negotiate with the G20 and the Paris Club members. The MP added that the capital market debt is more critical because if it is not addressed, Ghana will continue to be downgraded internationally, which will further worsen the economic challenges the country is currently facing.įinance Minister Ken Ofori-Atta left Accra for China on Sunday (March 19, 2023), according to Asaase Radio. Ricketts-Hagan also said that the focus the government is placing on its debts to China is a “miss priority” because the value of the debt to China is far less than the value of the debt to capital markets which the government incurred through the issuance of Eurobonds. ![]() This is what is going to happen, mark my words,” he said in Twi. So, in the long run, what will happen is that there will be a deal for the Chinese to come and explore the bauxite themselves, or he (Ofori-Atta) will ask them for more loans, which will mainly be for the exploration of the bauxite. “The time for the repayment of the debt to China is due, but the bauxite we are supposed to use to pay them has not been explored. The bulk of the debt we owe China is actually from bauxite we told them we would give them bauxite in the Sinohydro and other agreements. “China’s interest is in natural resources, so when you give them your resources, they will give you any amount of money you want. China does not interfere in the internal politics of a country they don’t care whether the government in power is a bad one or not. ![]() This is because China takes independent decisions most of the time against the rest of the world. “China is the only country in the world at the moment that is likely to lend money to Ghana the rest would not give us any money. ![]() He added that the Chinese government is the only entity in the world that is likely to loan Ghana money because, unlike other countries, the Chinese don’t care about internal happenings in a country, and they are only concerned about deals that will benefit them. Speaking in a CTV interview on Wednesday, monitored by GhanaWeb, the MP alleged that Ofori-Atta will tell the Chinese that Ghana does not have the technology to explore the bauxite it owes them and that, in exchange for more loans, they (the Chinese) should come and take charge of the mining. The Member of Parliament for Cape Coast South, Kweku George Ricketts-Hagan, has refuted reports that the Minister for Finance, Ken Ofori-Atta, is in China to seek debt cancellation from the Chinese government.Īccording to him, Ofori-Atta is not in China for debt cancellation because a huge chunk of the debt Ghana owes the Chinese is in the form of natural resources, including bauxite, which was promised in the loan agreements signed.
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