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China Not a Significant Factor in Ghana’s Debt Distress – World Bank

Ghana has relatively low exposure to loans from China and multiple creditors, enabling the country to reach debt restructuring agreements. Chinese creditors account for only 7% of Ghana’s public external debt, while China accounts for 36% of Zambia’s external debt and ...

Ghana Announces Debt Deal

Ghana announced a deal with its official creditors that would push back loan repayments until 2026. The government also says it will strike a deal with Eurobond investors for a new deal on $13 billion of private sector debt. Speaking at ...

Mix of Gratitude and Fear in Ghana Over China’s Role in the Country’s Ongoing Debt Crisis

Joy News, one of Ghana's largest media companies, published a pair of stories this week that revealed the complex emotions many in the West African country have about China's role in the ongoing debt crisis. On the positive side, the Ghanaian ...

Ghana Gets Debt Breakthrough

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 ...

Ghana President Hopeful for IMF Deal in March

Ghana’s President Nana Akufo-Addo is optimistic that the debt-ridden country will reach a bailout deal with the International Monetary Fund by the end of the month. Speaking at a gathering of ambassadors and high-level officials, Akufo-Addo said: “I’m confident that with ...

Analysis from Cobus van Staden

BRICS Announces Numerous New Initiatives

The BRICS group wrapped up its two-day leaders’ summit in Rio de Janeiro on Monday. The summit’s final communique is a 16,000-word doorstop that covers numerous issues from economics to education.
The communique avoids any direct mention of the United States, and references to “unilateralism” and other coded criticism are also relatively scarce. Rather, the communique keeps the focus on the BRICS’ vision of the strengthening and reform of the global multilateral system ...

Germany’s Ambassador to Ghana Explains Why He Thinks China is Hesitating to Set Up a Creditor Committee

The German government is advocating on behalf of Ghana for China to stop stalling in the creation of a new Creditor Committee that will restructure Accra's debts. Last week, Ghana officially became the second African country in the post-pandemic era to default ...

Ghana’s Finance Minister Will Go to Beijing This Week Seeking Debt Relief

Ghanaian Finance Minister Ken Ofori Atta will head to Beijing on Friday in a bid to re-negotiate Accra's $1.7 billion debt owed to Chinese creditors. The West African country has already defaulted on some of its commercial debt ...

How Much Ghana Owes China Depends on Who You Ask

At first glance, Ghana doesn't owe China that much when measured against its outstanding debts to both multilateral development banks like the IMF and the World Bank and, more importantly, bondholders. $1.7 billion in the context of what other developing countries owe Chinese ...

Ghana Shows the Global South’s Debt Problem is Bigger than China

The news that Ghana has defaulted on its external debt is sending shivers through the continent. It immediately raises questions about how the Ghanaian people will overcome the crisis and which country could be next. In response to the default, today’s newsletter examines the debt issue from ...

Ghana Becomes Latest Global South Country to Default on Debt

Ghana announced it will suspend payments on most of its debt to bondholders, other commercial lenders, and foreign governments, officially putting it in default. The announcement comes a week after a staff-level meeting with the IMF and a ratings downgrade. Ghana’s economy is spiraling, with 70%-100% of government revenue going to ...

Ghana, IMF Differ Over Whether Chinese Bauxite Deal Should be Counted as Part of the Country’s National Debt

Ghana is moving to restructure its ballooning debt as part of an IMF rescue plan that's now under discussion between the two sides. As part of the process, Accra is reaching out to both local and international investors ...