Ghana: Chinese loans to take centre stage in restructure talks - The Africa Report.com

Commitment from Ghana’s external creditors has given Accra temporary relief in terms of debt management. But analysts fear that China – already standing accused of dragging negotiations around Zambia’s debt restructuring – could present a major hurdle for Ghana.delays in debt restructuring agreementsChina is central to the debate, with Ghana owing the Asian giant $1.9bn in debt.

About $619m of Ghana’s debt with China is collateralised, backed by assets including cocoa, bauxite, and oil, according to the IMF. This puts the country at risk of losing important resources if repayments are called upon, especially if China isn’t willing to make concessions on this.Get unlimited access to our exclusive journalism and features today.

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Ghana aims to exempt Afrexim loans from debt restructuringGhana aims to exempt loans from the African Export & Import Bank (Afreximbank) from being restructured, finance minister Ken Ofori-Atta said, as the country seeks new terms on $20 billion in external debt and recovery from a deep economic crisis.
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