On Friday, Ghana’s president, Nana Addo Dankwa Akufo-Addo, requested Germany to “encourage” China, an adhoc member of the Paris Club, to support Ghana’s debt-restructuring efforts.
He stressed the importance of the Paris Club quickly forming a creditors committee with the participation of other official creditors in order to support the initiatives that would allow Ghana to resume economic growth.
The President made the call after receiving a visit from the German Finance Minister, Christian Lindner, at Jubilee House in Accra.
“We now have our relations with the Paris club and the common framework, and we are looking for as quickly as possible a creditor committee to be established, so we will have the body with whom we can engage to bring those discussions as quickly as possible.
“We have good relations with China. We will like you to encourage China to participate in these programmes as quickly as possible…A very important consideration for us is the financial stability fund that has been promised us as one of the key outcomes of these negotiations and definitely once again, your voice in trying to bring that into being is something that we would appreciate very much,” President Akufo-Addo told Finance Minister Lindner.
Linden, who was at the head of a delegation from his country, held bilateral talks with the President aimed at boosting relations and economic ties between the two nations. President Akufo-Addo told the minister that the main concern for his government was to conclude negotiations with the International Monetary Fund (IMF), particularly at the Board Level and seal a deal with the Bretton Woods institution by mid-March this year.
“Our main concern right now is the arrangements that we are in the process of concluding with the IMF…and the specific assistance that will be useful to us and help us fast-track the process.
“Our target is that by the middle of March, we should be before the Board for the full agreement. We have already taken one important step forward in concluding a staff-level agreement with the IMF and we are now looking to go the full haul in concluding the agreement. We are hoping that it will be done by the middle of March.
“One of the steps towards that has been the domestic debt exchange programme that we are on, which fortunately, we have quite a lot of difficulties, has now been virtually concluded,” he stated.
However, President Akufo-Addo stressed, that there was a vital need for other creditors to support the efforts that his government was undertaking to restructure both the external and domestic debts of the country, to enable the IMF deal to fall through quickly.
The President thanked the German government for providing assistance to Ghana in order to help that country get through its current economic challenges. He claimed that the German administration had established itself as a dependable ally and that Ghana will continue to view Germany as “a privileged partner” while it applies for an IMF bailout.
In order to address Ghana’s debt hardship, the IMF and Ghana struck a staff-level agreement on a $3 billion, three-year Extended Credit Facility. However, ratification of the plan is contingent on Ghana restructuring its internal and external debts completely.



























