G20 Common Framework: Ghana may seek to add China in request for debt relief

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Ghana may seek to add non-Paris club member China in its request for debt relief under the G20 Common Framework.

China is Ghana’s biggest bilateral creditor with $1.7 billion of debt, according to data from the International Institute of Finance.

This is compared with $1.9 billion to Paris club members.

Managing Director of the IMF, Kristalina Georgieva, confirmed that Ghana just became the fourth country to seek treatment under the Common Framework.

This sent a signal that it is seen as an important pathway for debt resolution.

The IMF boss added countries seeking debt restructuring under the Framework will need greater certainty on processes and standards, as well as shorter and more predictable timelines.

The government yesterday extended the deadline for the Domestic Debt Exchange to January 31, 2022. The Finance Minister, Ken Ofori-Atta, reiterated the necessary consensus building through stakeholder consultation with individual and institutional investors as one of the reasons for the extension.

The Domestic Debt Exchange programme is a necessary condition for the country to secure an IMF-support programme.

By:myjoyonline.com