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Disheartening how Africa is suffering with suffocating debts – Ken Ofori-Atta

He is quoted by the New York Times as having expressed “disappointment that advanced economies had been slow to act.”

The minister as at last week was leading a government delegation to the Spring Meetings of the World Bank and International Monetary Fund (IMF) in Washington DC.

“Honestly, it is disheartening to watch Africa struggle in this way, especially considering the potential loss of productivity over the next decade should African economies buckle under the weight of suffocating debts,” Ofori-Atta said at an Atlantic Council event on April 14, 2023.

Ghana’s economy like that of most across Africa have been impacted by the aftermath of the COVID pandemic and the Russia-Ukraine war.

The Ghana government has serially blamed both external factors for the financial headwinds back home.

Government approached the IMF last year for a programme but it has yet to secure Board approval for the US$3 billion facility with a March deadline failing to hold.

The failure is premised on inability to secure assurances of debt restructuring from major external creditors among them, the Chinese government.

The NYT story said of Ghana’s peculiar situation: Ghana appealed to the G20 nations this year for debt relief through a fledgling program known as the Common Framework after securing preliminary approval for a $3 billion loan from the IMF.

That money is contingent on Ghana’s receiving assurances that it can restructure the approximately $30 billion that it owes to foreign lenders. Officials from Ghana have been meeting with their Chinese counterparts about restructuring the $2 billion that it owes China.

 

Source: www.ghanaweb.com

Ogyem Solomon

Solomon Ogyem – Media Entrepreneur | Journalist | Brand Ambassador Solomon Ogyem is a dynamic Ghanaian journalist and media entrepreneur currently based in South Africa. With a solid foundation in journalism, Solomon is a graduate of the OTEC School of Journalism and Communication Studies in Ghana and Oxbridge Academy in South Africa. He began his career as a reporter at OTEC 102.9 MHz in Kumasi, where he honed his skills in news reporting, community storytelling, and radio broadcasting. His passion for storytelling and dedication to the media industry led him to establish Press MltiMedia Company in South Africa—a growing platform committed to authentic African narratives and multimedia journalism. Solomon is the founder and owner of Thepressradio.com, a news portal focused on delivering credible, timely, and engaging stories across Ghana and Africa. He also owns Press Global Tickets, a service-driven venture in the travel and logistics space, providing reliable ticketing services. He previously owned two notable websites—Ghanaweb.mobi and ShowbizAfrica.net—both of which contributed to entertainment and socio-political discussions within Ghana’s digital space. With a diverse background in media, digital journalism, and business, Solomon Ogyem is dedicated to telling impactful African stories, empowering youth through media, and building cross-continental media partnerships.

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