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Ghana Gets Debt Breakthrough

by Cobus van Staden
Kristalina Georgieva is the Managing Director of the IMF

The executive board of the International Monetary Fund (IMF) on Wednesday approved a $3 billion debt bailout deal for Ghana. The debt-distressed country will receive an immediate payment of $600 million.

The announcement is a win for China, which co-chaired the official creditor committee with France and participated in the negotiations towards the deal. However, it also reflects Ghana’s relatively limited exposure to Chinese debt, with smaller loans and fewer lenders than for example, in Zambia. This likely made the negotiations less complex that in other cases (see below.)

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