Tag: Ghana
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New Foreign Ministry Annex in Ghana and a Newly Refurbished Parliament Building in Malawi Are China’s Latest “Gifts” to African Governments
Ghana's Foreign Minister Shirley Ayorkor Botchwey was visibly excited to see what her new office will look like in the new $20 million foreign ministry annex building that will be entirely paid for by China. Botchwey was joined by the Chinese ambassador ...
Rays of Hope Following China Settlement in Sri Lanka
China’s commitment to supporting Sri Lanka’s debt restructuring in line with other bilateral creditors is a major step towards securing a rescue package from the International Monetary Fund. However, it’s still unclear how negotiations will proceed, as the country suffers from food and ...
China’s New Line on Ghana Debt: We Own Less Than 5%, so Why Are You Talking to Us?
Even though talks between Chinese creditors and the Ghanaian government are now underway in Accra to restructure the country's $1.7 billion of bilateral debt, a narrative that Beijing is delaying the process is taking hold in the Ghanaian media. The problem stems ...
Stand-off Between China and Western Creditors Leading to Unprecedented Delays In Debt Relief for Poor Countries
Just ten years ago, it usually took less than two months for a debt-distressed country to get a sign-off from the International Monetary Fund for emergency financial relief, but that is no longer the case, according to new data compiled by Reuters.
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 ...
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 ...
Germany’s Finance Minister Singles Out China in Debt Relief Appeal for Ghana
German Finance Minister Christian Lindner is the latest high-ranking Western official to pressure China to do more to help relieve the burgeoning debt crisis in a growing number of African countries. "I remind China of its responsibilities as a very important ...
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 ...
Why Africa Shouldn’t Count on Janet Yellen for Debt Help
U.S. Treasury Secretary Janet Yellen is in Africa touting the Biden administration’s reenergized Africa policy. Her visit comes as several African countries are struggling with debt distress and Zambia and Ghana have officially defaulted. Debt’s prominence as a talking point is somewhat awkward, considering ...
WEEK IN REVIEW: China Pushing for Free Trade Agreement With South America’s Mercosur Bloc
China is pushing for a free trade agreement with South America’s Mercosur bloc or any of its individual members (Brazil, Argentina, Paraguay and Uruguay.) The recent election in Brazil could be a game changer, with rumors that trade talks could be on the agenda of incoming President Lula ...
Fresh Data on How China Affects African Jobs
Job creation is one of the most important issues in Africa-China relations. Two fascinating recent research articles give different takes on how engagement with China affects African development. The first focuses on the controversial issue of the importation of Chinese workers ...