HomeGeneral NewsAkufo-Addo begs Ghana's friends to support debt cancellation plea

Akufo-Addo begs Ghana’s friends to support debt cancellation plea

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President Nana Akufo-Addo

President Nana Akufo-Addo is making another clarion call on friends of Ghana to put in a word of support as talks between Ghana and the Paris Club – especially China – for debt cancellation enter a crucial stage.

The Paris Club is a group of officials from major creditor countries whose role is to find coordinated and sustainable solutions to the payment difficulties experienced by debtor countries.

Ghana hopes to appear before the International Monetary Fund (IMF) board to seek approval for a bailout.

But the government will first have to get confirmation that the over $4 billion debt owed to the Paris Club members will be forgiven or restructured.

Officials of China’s Exim Bank are in the country for talks with government.

Mr Akufo-Addo is confident with the cooperation they’re receiving from members of the Paris Club and the People’s Republic of China, which has sent a delegation from China’s Exim Bank to Accra, “we shall be able to vote on the board of the fund to conclude the agreement by the end of March.”

Addressing representatives of foreign missions in Ghana at Peduase Lodge, the President says the economy of Ghana is in bad shape and requires the support of other nations to convince countries to forgive Ghana some debts.

He also reiterated hope that other countries urge Ghana’s debtors to be sympathetic towards the country.

“This will set the stage for the strong recovery of Ghana’s economy. Needless to say, we would hope that all Ghana’s friends would weigh in with words of support [us],” he said on Tuesday.

Economist Professor with the University of Ghana Business School, Godfred Bopkin, says the IMF board requires confirmation that the over Ghs30 billion deficit in the 2023 budget will be absorbed by the Paris Club before Ghana’s application will be accepted.

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