The sports category has moved to a new website.

Ghana set to receive aid from both China and the United States

President Nana Addo Dankwa Akufo-Addo
  • The Chinese government has promised to assist Ghana's government in restructuring the country's US$1.7 billion
  • The US$1.7 billion owed to China is part of the US$5 billion owed to Ghana's bilateral partners.
  • The US Vice President Kamala Harris is currently in Ghana and she has already pledged a $139 million relief fund to the gold coast. 

China's government says it will assist Ghana's government in restructuring the country's US$1.7 billion debt to the Asian behemoth.

Chinese Finance Minister Liu Kun relayed the commitment to Ghana's Finance Minister, Mr. Ken Ofori-Atta, who led a delegation to Beijing to seek debt relief.

This information is courtesy of Class FM online, a Ghanaian news publication.

“China believes in promoting debt sustainability and sustainable development,” Mr. Liu said, adding: “We know that these are short-term challenges which we, as responsible creditors, remain committed to resolving”. The long-standing and prosperous relationship between Ghana and China imposes on us, a responsibility to help.”

ADVERTISEMENT

Ghana is seeking debt relief and restructuring as a condition for the International Monetary Fund's Board of Governors to accept a US$3 billion extended credit line for the cocoa producer.

The US$1.7 billion owed to China is part of the US$5 billion owed to Ghana's bilateral partners, which includes the Paris Club. Ghana has already completed the restructuring of its internal debt.

US$3bn bailout: ‘Give Ghana necessary financing assurances as soon as possible’ – IMF tells China, Paris Club.

The IMF has encouraged Ghana's creditors to move quickly to provide the funding assurances required so that the Bretton Woods institution's Board of Directors can approve the $3 billion loan to restore economic stability to the country.

“We're calling on bilateral creditors to support Ghana's effort to restore debt sustainability, form an official creditor committee, and deliver the necessary financing assurances as soon as possible”, the Fund’s communications director Julie Kozack told journalists at a news briefing in Washington DC.

ADVERTISEMENT

The vice president of the United States Kamala Harris began her tour in Africa from Ghana, where she met with the president of the country, Nana Akufo-Addo.

Harris arrived in Accra on the first leg of a three-nation African tour, the latest in a string of visits by senior US officials as Washington strives to offset rising Chinese and Russian influence on the region, and right off the bat she disclosed that the United States will provide $139 million to Ghana and four other West African countries to help them deal with violent extremism and instability.

JOIN OUR PULSE COMMUNITY!

ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: news@pulselive.co.ke

Recommended articles

Kenya to host premier tourism investment forum

Kenya to host premier tourism investment forum

Nigeria and the Netherlands have expressed eagerness in doing business together

Nigeria and the Netherlands have expressed eagerness in doing business together

Tanzania allocates Sh10.48 Trillion ($4.4 billion) to tackle debt for 2022–2023

Tanzania allocates Sh10.48 Trillion ($4.4 billion) to tackle debt for 2022–2023

Sudan’s ongoing conflict is taking its toll on business relations with neighbors

Sudan’s ongoing conflict is taking its toll on business relations with neighbors

Gov't commences 2nd project under Ruto's Sh500B deal with U.K. Prime Minister

Gov't commences 2nd project under Ruto's Sh500B deal with U.K. Prime Minister

Kenya Power, Safaricom partner to launch Smart Poles in Nairobi

Kenya Power, Safaricom partner to launch Smart Poles in Nairobi

Legal action from Australia may threaten Cameroon-China joint project

Legal action from Australia may threaten Cameroon-China joint project

KRA allocated Sh1.2B to go after Kenyans evading tax

KRA allocated Sh1.2B to go after Kenyans evading tax

Weapons acquisition amongst other spending has seen Egypt's debt soar uncontrollably

Weapons acquisition amongst other spending has seen Egypt's debt soar uncontrollably

Pulse Sports

Faith Kipyegon makes special dedication after shattering world record in Italy

Faith Kipyegon makes special dedication after shattering world record in Italy

Fred Arocho, Eric Njiru thrill fans as football season concludes [Photos]

Fred Arocho, Eric Njiru thrill fans as football season concludes [Photos]

Unleashing the power of M-PESA & its impact on mobile banking and sports betting

Unleashing the power of M-PESA & its impact on mobile banking and sports betting

Comedian Arap Uria received by Senator Mandago after cycling from Eldoret to Nairobi

Comedian Arap Uria received by Senator Mandago after cycling from Eldoret to Nairobi

Thika Sports Club, next stop for NCBA golf series

Thika Sports Club, next stop for NCBA golf series

Big Ted's inspiring message to Kenya's rugby community

Big Ted's inspiring message to Kenya's rugby community

Fitness influencer Shiv Simani joins fight against sports neglect by gov't

Fitness influencer Shiv Simani joins fight against sports neglect by gov't

Kipchoge wins Sh7.4M prize in Spain

Kipchoge wins Sh7.4M prize in Spain

Ombachi shares how career-threatening injury pushed him into content creation

Ombachi shares how career-threatening injury pushed him into content creation

ADVERTISEMENT